Pfizer CEO Albert Bourla has received a 14% pay increase, bringing his total compensation to $24.6 million for 2024. This marks the second-highest pay package in Bourla’s six-year tenure as the pharmaceutical giant’s top executive. The increase comes after a year of significant achievements for Pfizer, including a 7% rise in total revenue to $62.4 billion and the successful execution of a $4 billion cost-saving program. Bourla also oversaw the completion of Pfizer’s $43 billion acquisition of Seagen, a leader in antibody-drug conjugates, which bolstered the company’s oncology portfolio and positioned it as the third-largest player in global cancer treatment sales.
The pay hike follows a challenging period in 2023 when Pfizer faced declining demand for its COVID-19 products, leading to a 35% drop in Bourla’s compensation that year. However, 2024 marked a rebound, with the company realigning its R&D organization and initiating seven pivotal clinical studies. Bourla’s leadership was also credited with navigating a challenge from activist investor Starboard Value, which had criticized Pfizer’s revenue returns on R&D and mergers. Despite these pressures, Starboard ultimately refrained from nominating directors to Pfizer’s board, signaling confidence in the company’s direction under Bourla.
Sources:
https://www.fiercepharma.com/pharma/rebound-year-pfizer-ceo-bourla-gets-14-pay-hike-246m
https://www.pharmavoice.com/news/pharma-ceo-pay-gsk-novartis-novo-roche-2024/741319/
https://ceoworld.biz/2024/04/29/ranked-the-highest-paid-big-pharma-ceos-and-top-executives/