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The shooting of UnitedHealthcare CEO Brian Thompson in December rattled the industry and put healthcare CEOs in the spotlight in a way they were previously unaccustomed to. 

The months following Thompson’s death have been marked by increased security at conferences, scrutiny from the Department of Justice, Federal Trade Commission and lawmakers as well as an ongoing, unrelenting tide of customer backlash. 

While much of this derision has been directed at healthcare insurance companies, drugmakers have also faced criticisms, namely for the high cost of prescription drugs and the sizable salaries that their CEOs receive. 

On that latter point, pharma companies have also been scrutinized for the disparity between what CEOs make compared to their median employees. 

Though it is unclear how much of this vitriolic backlash will continue in the future, leaders from the pharma, biotech and life sciences industries will be under a microscope for a while.

In the midst of this public consternation, these same companies will be publicly disclosing the total executive compensation packages for their CEOs and C-suites, which MM+M is documenting on a rolling basis below. 

Editor’s note: This list will be updated throughout spring. 

Takeda Pharmaceutical

Takeda CEO Christophe Weber earned $14.8 million in fiscal year 2024, up slightly from his total compensation of $14.3 million in fiscal year 2023. 

Weber earned $1.7 million in base salary with the majority of his pay coming from stock awards. 

In late January, Weber announced that he would step down from his role as CEO in 2026. He will be replaced by Julie Kim, current president of the U.S. business unit for Takeda. 

Meanwhile, Andrew Plump, president of research and development, saw a small salary increase, earning $8.2 million, up from $7.9 million in 2023. 

CFO Milano Furuta, who took on the role on April 1, 2024, earned just over $2 million during the fiscal year. During that period, Furuta also joined the company’s board of directors.

Costa Saroukas, who stepped down from the CFO post, made $1.9 million before leaving the company. In 2023, Saroukas earned $5.5 million serving as CFO. 

The compensation of Takeda’s external directors’ ranged from roughly $255,000 to $365,000. 

Biogen 

Biogen CEO Christopher A. Viehbacher’s received $24.2 million in total compensation last year — a $20 million bump compared to the $4 million he took home in 2023. 

His salary remained flat at $1.6 million, so most of his pay resulted from $18 million stock awards he received. 

In 2024, the CEO-to-median employee pay ratio at Biogen was 132:1. The median employee’s total compensation was $183,062.

Meanwhile, Biogen’s CFO Michael McDonnell took a slight pay cut, collecting $6.8 million in 2024 after receiving $7.1 million the year before. 

The company’s chief legal officer Susan Alexander also took a pay cut, receiving $6.5 million in 2024 – $200,000 less than in 2023.

During her first year with the company, Biogen’s head of development Priya A. Singhal was compensated $6.3 million, while head of pharmaceutical operations Nicole C. Murphy was awarded $5.7 million — which was flat year-over-year. 

The company’s CEO received a pay raise amidst the company reporting lower sales numbers in 2024 compared to 2023. Total sales decreased approximately 1.6% from $9.8 billion to $9.7 billion. 

While most of Biogen’s revenue was generated by its multiple sclerosis medications, the class of treatments experienced a 7% year-over-year decline. 

However, the company’s rare disease treatments grew 10% in sales from the year prior. 

Additionally, Biogen’s Alzheimer’s treatment Lequembi was recently approved by the E.U. The drug generated $87 million in global market sales in Q4 2024. 

CRISPR Therapeutics

CRISPR Therapeutics CEO Sam Kulkarni received $33.2 million in total compensation in 2024, thanks largely to being awarded 400,000 new stock options.

This marked a significant pay increase for Kulkarni, who received $12.3 million in 2023 and $20.7 million in 2022. Of note, he has been at the company for a decade and served as CEO since 2017.

In 2024, the CEO-to-median employee pay ratio at CRISPR was 121:1. The median employee’s total compensation was $274,037.

Kulkarni’s pay bump came during a challenging year for the innovative drugmaker. CRISPR’s total revenue for 2024 was $37.3 million, a sharp drop from the $371 million it generated in 2023.

Additionally, its net loss ballooned from $153.6 million to $366.3 million over the same period.

The start of 2025 has been marked by continued headwinds, with the company laying off an undisclosed number of staffers in late February.

As for the rest of the C-suite, CFO Raju Prasad, PhD saw his pay decline from $5.7 million to $5.5 million, while general counsel James R. Kasinger’s pay jumped from $3.5 million to $6.1 million.

Chief medical officer Naimish Patel, MD – who joined the company at the end of May – received $6.3 million during her first year, while former chief operating officer Julianne Bruno, MBA took home $4.4 million. 

Bruno was promoted to COO in May and ceased serving in that capacity in March, though she was employed by CRISPR until April 11.

CSL

CSL CEO Paul McKenzie, MD’s realized remuneration package for 2024 was $5.8 million.

This package essentially reflects McKenzie’s take-home pay for leading the Australian biotech through June 2024 — the end of the company’s fiscal year.

CSL has continued to grow under McKenzie’s tenure, which began in the spring of 2023. According to the company’s half-year financial report, its revenue totaled $8.48 billion – up 5% year-over-year at constant currency.

The company subsequently reaffirmed its full-year guidance for its statutory net profit after tax (NPAT) in the range of $3.2 billion to $3.3 billion at constant currency, which would be up between 10% to 13%. 

“CSL delivered a solid result for the first half of the 2025 financial year led by CSL Behring,” McKenzie said in a statement. “Strong demand for many of our market-leading therapies has translated into sales growth, particularly in our core Ig franchise. We continue to advance key initiatives to improve gross margin, which is tracking according to our plans.”

In addition to McKenzie, CFO Joy Linton received $2.7 million during the most recent fiscal year, while CSL Behring EVP Andy Schmeltz received just over $2.6 million.

For fiscal year 2025, McKenzie’s fixed reward rose 3.5% to $1.87 million. Meanwhile, Linton and Schmeltz’ fixed rewards rose 3.97% and 4.5%, respectively.

The company also responded to shareholder feedback on its executive compensation structure and stated that it believes its remuneration framework “supports the biotech’s strategy, builds economic alignment between executives and shareholders over the long term and enables the attraction and retention of global talent.”

Teva Pharmaceuticals

Teva Pharmaceuticals CEO Richard Francis’ total compensation dropped from $25.7 million in 2023 to $15.5 million in 2024.

The primary reason for that decline was the change in how much Francis received in stock awards. In 2023, he received $19 million in stock awards, while he only received $9 million in stock awards last year.

In 2024, the CEO-to-median employee pay ratio at Teva was 234:1. The median employee’s total compensation was $66,199.

The rest of Teva’s C-suite remained fairly compensated.

CFO Eli Kalif’s pay rose from $4.9 million to $6.1 million, while EVP of European commercial Richard Daniell saw his pay increase from $5.2 million to $5.4 million.

New additions to the leadership team also received multimillion dollar paydays. 

In his first year, Dr. Eric Hughes, EVP of global R&D and chief medical officer, received $5.8 million, while Christine Fox, EVP of U.S. commercial, took home $5.2 million.

Merck

Robert M. Davis, who has been Merck’s CEO since 2021, received a total compensation of $23.2 million in 2024 – an increase from his $20.3 million salary in 2023. 

Since he joined the company, Davis’ salary has been steadily increased by approximately $3 million to $5 million each year. 

In 2024, the CEO-to-median employee pay ratio at Merck was 219:1. The median employee’s total compensation was $106,091.

Overall, the company reported a 7% year-over-year increase in sales, generating a total revenue of $64.2 billion last year.

Keytruda, the company’s blockbuster cancer drug, was the top selling drug of 2024, generating $29.4 billion in sales. The drug accounted for 45% of Merck’s total sales in Q4. 

In February, the company reported that it expects Keytruda to be selected for Medicare price negotiations in 2026, which would come into effect in January 2028. 

Despite its success, the future sales of the drug remain uncertain as Keytruda loses its patent protection in 2028. 

The company also received FDA approval in March for its pulmonary arterial hypertension therapy Winrevair, which it gained when Merck acquired Acceleron in September 2021. 

In light of these mixed developments, Merck’s 2025 guidance fell short of Wall Street expectations, with sales forecasted between $64 and $65 billion. 

The company noted that it has halted the shipment of HPV vaccine Gardasil to China from February to approximately mid 2025 due to uncertain economic recovery in the country. 

Amgen

Amgen CEO Robert A. Bradway received a total compensation of $24.4 million in 2024 – a 7.8% increase from his $22.6 million payday in 2023. 

In 2024, the CEO-to-median employee pay ratio at Amgen was 153:1. The median employee’s total compensation was $160,017.

Bradway’s executive team also received wage increases last year. Amgen EVP of global commercial operations Murdo Gordon received $8.4 million in 2024 – up slightly from the $8.2 million he received in 2023. 

David Reese, Amgen’s chief technology officer, received $8.1 million in 2024 – up from $7.9 million in 2023. 

CFO Peter Griffith made $7.8 million in 2024, up from $7.5 million in 2023. 

The team added James Bradner to the executive committee, who serves as the EVP of Research and Development. He received a total of $14.9 million for the year. 

Last year, Amgen sales rose 19% to $33.4 billion, which was largely due to a 23% increase in product volume sales. The company reported that 21 products hit record sales for the full year, with 10 products delivering at least double-digit sales growth. 

The company also announced results of its highly-anticipated, once-a-month injectable obesity treatment MariTide, which helped patients achieve  20% weight loss. However, the treatment did not receive initial praise from investors since it didn’t outcompete GLP-1s on the market like Zepbound and Wegovy. 

To start this year, the company’s immunoglobulin G4-related disease drug received FDA approval, making it the first drug on the market to do so.

Vertex Pharmaceuticals

Vertex Pharmaceuticals CEO Reshma Kewalramani received $21.5 million in total compensation in 2024, up from $20.6 million in 2023.

In 2024, the CEO-to-median employee pay ratio at Vertex was 88:1. The median employee’s total compensation was $245,708.

Kewalramani remains among the highest-paid pharma CEOs as Vertex continues to demonstrate topline growth. In 2024, its net product revenues rose 12% to just over $11 billion. 

In its annual report, Vertex attributed its sales success to the performance of Trikafta/Kaftrio and heralded the potential of its recently-approved medicines: Casgevy, Alyftrek and Journavx.

The drugmaker commended Kewalramani for her “exemplary leadership over all aspects of the company” throughout last year.

Peer group companies for Vertex included AbbVie. Charles River Laboratories, Amgen and Jazz Pharmaceuticals, among others. 

Regeneron 

Regeneron CEO Leonard Schleifer saw his pay decline last year, with his total salary dropping from $8.18 million in 2023 to $6.82 million in 2024.

In 2024, the CEO-to-median employee pay ratio at Regeneron was 41:1. The median employee’s total compensation was $164,447.

Regeneron’s board co-chair, president and chief scientific officer, George Yancopoulos, also brought in a lower amount in 2024 compared to the year prior. He received nearly $6.8 million in 2024, compared to $7.75 million in 2023.

The company’s executive vice president of finance and chief financial officer, Christopher Fenimore, took home $6.26 million in 2024.

Schleifer’s 2024 salary is paltry in comparison to his record take-home pay of $453 million in 2021. 

His compensation that year amounted to nearly the same number as the combined salaries of the nine highest-paid pharma CEOs in 2021, according to a STAT News analysis.

The high number was largely attributed to Schleifer receiving $446 million in realized equity awards. Not including those, his salary in 2021 was around $6.4 million.

Thermo Fisher Scientific 

Thermo Fisher Scientific CEO Marc Casper’s annual total compensation for 2024 was $30.4 million. 

This marks a jump from the nearly $19 million he received in annual compensation in 2023.

In 2024, the CEO-to-median employee pay ratio at Thermo Fisher was 403:1. The median employee’s total compensation was $75,643.

CFO Stephen Williamson received just over $11 million last year, up from $6.2 million in 2023. Meanwhile, chief operating officer Michel Lagarde’s pay rose from $7.2 million to $12.8 million over the same period.

Additionally, EVP Gianluca Pettiti took home $11.3 million – up from $5.7 million in 2023 – while EVP Frederick Lowery earned $8.5 million.

Pharma companies included in Thermo Fisher’s compensation peer group include Abbott Laboratories, AbbVie, Bristol Myers Squibb, Gilead, Eli Lilly and Merck.

In a note, Casper highlighted the company’s $42.88 billion revenue in 2024, and its investment of $1.4 billion in research and development.

Merck KGaA

As CEO of Merck KGaA, Belén Garijo received a total of €6.7 million – approximately $7.2 million –  in 2024, down from the €10.5 million she received in 2023. 

Merck KGaA’s healthcare CEO Peter Guenter – also serving on the executive board – received an increase in his salary, which jumped from €5.5 million in 2023 to €5.7 million in 2024. 

Merck’s CEO of life sciences Matthias Heinzel also saw an increase in his total compensation from €5.2 million to €5.3 million. 

The increase in salary for the executives corresponded with an increase in net sales for the company, which reached €21.1 billion in 2024. The margin percentage of net sales between the two years remained steady at 17.5%. 

Notably, life sciences and healthcare accounted for 82% of total net sales in 2024.

The acknowledgement in salaries comes in the midst of a number of potential deals for the company. Earlier in February, a number of media outlets reported that Merck KGaA was in early stages of acquiring U.S. cancer and rare disease drugmaker SpringWorks Therapeutics.

As of April, no deal has been announced.

Bayer

Bayer CEO Bill Anderson’s pay dropped to $9.6 million in 2024, down 21% from 2023.

Anderson received €8.84 million last year, down from €11.24 million in 2023. Though his base compensation and pension installment rose, his fringe benefits dropped from €3.9 million to €67 million.

The pay drop came amid an ongoing $540 million cost-saving, restructuring effort at the German pharmaceutical conglomerate, which slashed half of its executive positions in March 2024 and laid off 7,000 jobs during the full year. 

Of the C-suite executives still at the company, CFO Wolfgang Nicki took home €3.6 million, up from €3.4 million, pharmaceuticals chief Stefan Oelrich saw his pay rise to €3.6 million and labor director Heike Prinz received €3.7 million – nearly doubling his 2023 total compensation.

Additionally, Julio Triana, who leads Bayer’s consumer health, joined the company on April 1, 2024 and received €3.3 million during her first year.

Bristol Myers Squibb

Bristol Myers Squibb CEO Christopher Boerner received $18.8 million in total compensation in 2024.

That’s a decrease from the $19.7 million that former CEO Giovanni Caforio earned in 2023. Caforio stepped down from the role in November 2023 after 23 years at the pharma giant.

In his first year at the helm, Boerner’s compensation was in the 35th percentile of CEOs within the company’s primary peer group.

“The committee believes Dr. Boerner’s compensation package positions him appropriately among his peers when considering multiple factors, including his tenure as an executive officer and our CEO and provides opportunities for growth,” the company wrote in the report.

In 2024, the CEO-to-median employee pay ratio at Bristol Myers Squibb was 117:1. The median employee’s total compensation was $160,144..

As for the rest of the C-suite, the drugmaker said its other executives were in the 75th percentile of its primary peer group.

BMS identified AbbVie, Amgen, Biogen, Eli Lilly, Gilead, Johnson & Johnson, Merck and Pfizer as members of its primary peer group – with AstraZeneca, GSK, Roche, Novartis and Sanofi its extended peer group in 2024.

The company said it would remove Biogen and add Regeneron in its 2025 primary peer group.

Gilead Sciences

Gilead paid CEO Daniel O’Day $23.7 million in 2024, a 5% increase from his $22.6 million salary in 2023. The boost signifies a gradual rise in his compensation since O’Day brought in $19 million in 2020.

O’Day’s base salary consisted of $1.8 million, in addition to $16.5 million in equity awards, a $4 million bonus and $1.3 million in other compensation.

In 2024, the CEO-to-median employee pay ratio at Gilead was 97:1. The median employee’s total compensation was $244,000.

Since being appointed CEO in 2019, O’Day has been tasked with pushing the company’s HIV business forward. 

The company reported an 8% increase in HIV sales in 2024 from the year prior, reaching $19.6 billion, and highlighted the clinical readout for its HIV prevention treatment lenacapavir.

It also touted its oncology drug Tredalvy, which saw a 24% boost in sales in 2024.

“As you know, our transformation has focused on driving innovation in three therapeutic areas: virology, oncology and inflammation,” O’Day wrote in the report. “I am pleased to share that all three are set to drive long-term growth for our business and deliver impact for patients and communities worldwide.”

Sanofi

Sanofi CEO Paul Hudon’s pay dropped by around $1 million between 2023 and 2024, per recently released financial documents. 

Hudson, who has headed the French drugmaker since 2019, received a total compensation of $10.7 million in 2024, down from the $11.7 million he received in 2023.

The drop in Hudson’s pay also coincided with a future-looking adjustment in the payment structure for the CEO post. 

Sanofi stated that as of 2025, the annual fixed compensation for the position will increase from €1.4 million euros to €1.6 million. This is the first change in Hudson’s fixed compensation since 2022. 

The drugmaker also announced adjustments to the CEO’s equity-based compensation. 

Going forward, the weighing of the total shareholder return criterion will increase from 20% to 30%. To enable this, the business EPS weighting will be reduced from 35% to 30% and the FCF weighting from 25% to 20%. The R&D and CSR criteria will remain unchanged.

The total compensation for Sanofi’s board of directors also grew from €2.2 million to nearly €2.5 million. This coincided with an increase in the average fixed portion income and variable portion income. 

The drop in total compensation for Hudson came despite strong financial numbers for the company, with Sanofi generating $42.7 billion in total sales in 2024.

While sales grew, the company’s gross margin dipped by 1 percentage point between 2023 and 2024. According to the company’s statement, the lower gross margin was primarily due to a dwindling of COVID-19 vaccine revenue. 

In a bid to pursue growing sales, Sanofi doubled down on investing in immunology with the $600 million upfront buyout of Dren Bio’s clinical stage bispecific antibody. 

The antibody has been evaluated in a phase 1 trial for non-Hodgkin lymphoma. Although Dren Bio has not released any information from the trail just yet, Sanofi expressed confidence with the B-cell depletion it saw. 

In addition to the $600 million upfront payment, Sanofi will pay up to $1.3 billion in development and launch milestones for the antibody if it hits certain clinical and regulatory milestones. 

At the start of the year, Sanofi also said it planned to launch a $5.2 billion share buyback program.

AstraZeneca

AstraZeneca CEO Pascal Soriot received a total compensation package of £14.7 million in 2024, down from £16.9 million in 2023.

In addition to Soriot, AstraZeneca’s CFO Dr. Aradhana Sarin took home £6.7 million in 2024.

Under Soriot’s leadership, AstraZeneca navigated an eventful year in terms of financial, clinical and legal developments.

In a year marked by numerous market headwinds, AstraZeneca managed to beat analyst expectations with its full-year earnings.

For 2024, the pharma giant’s total revenues were $54.1 billion, while its reported earnings per share EPS was $4.54 — both improvements year-over-year.

In March, AstraZeneca signed a deal with Alteogen worth up to $1.35 billion for subcutaneous cancer drugs as well as a deal to buy EsoBiotech for up to $1 billion.

From a clinical perspective, AstraZeneca received a number of FDA approvals, most notably for Imfinzi in limited-stage small cell lung cancer, endometrial cancer and muscle-invasive bladder cancer, as well as for Voydeya in paroxysmal nocturnal hemoglobinuria.

When it came to China, the drugmaker encountered some turbulence. 

During the fall, international chief Leon Wang was placed under investigation in China. He was detained by authorities, though details for the reason of the investigation or his status have been scant. Wang has since been placed on extended leave and succeeded by Iskra Reic, PhD as the next EVP of international.

Less than six months later, AstraZeneca announced it would invest $2.5 billion in a research and development center in Beijing

Despite the business developments for AstraZeneca, Soriot’s pay has been a subject of debate.

In April 2024, AstraZeneca approved an executive pay policy change that would have allowed Soriot to earn as much as £18.7 million last year.

Numerous shareholders expressed resistance to the proposal before the vote. 

In its annual report, the British drugmaker commended Soriot for his leadership throughout last year.

“Despite an increasingly volatile environment globally, Mr. Soriot has led AstraZeneca to deliver strong results in 2024, with another year of robust top line growth and impressive results from the pipeline,” the company wrote in its report.

GSK

GSK CEO Emma Walmsley was one of the lowest-paid pharmaceutical leaders in 2024, bringing home $13.3 million, according to the drugmaker’s 2024 annual report.

 Walmsley’s salary last year was 16% lower than in 2023, when she received $16 million.

However, she could be set for a major pay bump in 2025 if GSK achieves a 50% increase in shares.

If that occurs, she could bring in up to $27.1 million, which would put her closer to the top of the list of best-paid pharma CEOs.

“The CEO’s current package, which is currently in the lower quartile of the new size-adjusted global biopharma peer group, is insufficient either to reward her performance, or to provide the appropriate capacity for succession,” said GSK remuneration chair Wendy Becker in the 2024 report.

The new pay package, assuming company performance goals are met, would increase her current base salary from $8.4 million to $11.1 million. 

GSK said the proposal would result in Walmsley sitting in the lower and median quartile of its biopharma peer group, which includes AstraZeneca, Amgen, Bayer and Moderna.

“We will have the flexibility to move towards median remuneration by the end of the 2025 policy period in line with shareholder experience,” Becker added.

Pfizer

Pfizer CEO Albert Bourla received $24.6 million in total compensation in 2024 — up 14% from the $21.5 million he made in 2023.

The drugmaker paid Bourla a base salary of $1.8 million, $4.8 million in stock awards, just under $10 million in option awards, just over $7 million in non-equity incentive plan compensation and just shy of $1 million in all other compensation.

In 2024, the CEO-to-median employee pay ratio at Pfizer was 269:1. The median employee’s total compensation was $91,507.

Bourla guided Pfizer through a turbulent year where the drugmaker was faced with the continued decline of its COVID-19 vaccination business, made a concerted effort to pivot towards its burgeoning prospects in oncology and endured a public proxy war with activist investor Starboard Value.

However, through it all, Bourla steered the pharma giant to earnings that beat Wall Street estimates, warded off a continued fight with Starboard Value — which did not put forward any nominations for Pfizer’s board of directors — and has sought inroads with the second Trump administration.

“Under Dr. Bourla’s leadership in 2024, Pfizer successfully executed a year of transformative change and advanced innovation, realigning the R&D organization to help drive progress,” Pfizer stated in its filing.

Beyond Bourla, other Pfizer executives were well compensated in 2024.

Newly promoted chief scientific officer and president of research and development Chris Boshoff made $7.8 million in his first year in the role. Mikael Dolsten, MD, PhD left the company over the summer and was succeeded by Boshoff in November.

For his work throughout the year, Dolsten received $9.7 million in total compensation — up from $8.8 million in 2023.

Chief U.S. commercial officer and EVP Aamir Malik received $8.2 million — up from $5.4 million in 2023, while CFO Dave Denton earned $8.1 million one year after making $5.2 million.

Johnson & Johnson 

Johnson & Johnson CEO Joaquin Duato received $24.6 million in total direct compensation in 2024 — down from the $28.4 million he received in 2023.

As part of its annual report, the pharma giant revealed Duato received $1.6 million in base salary, $3.2 million in annual incentive payouts and $19.7 million in long-term incentive awards.

In February, J&J’s board of directors approved Duato’s long-term incentives for performance in 2024 at 130% of target in order to further align the interests of him as well as shareholders.

In 2024, the CEO-to-median employee pay ratio at J&J was 293:1. The median employee’s total compensation was $83,000.

J&J is on solid financial footing, according to its latest quarterly earnings report. The company beat Wall Street estimates for sales and profit thanks to the strong performance of its oncology drugs portfolio. 

J&J has been active under Duato’s leadership over the past year, announcing four large-scale acquisitions. Most recently, the company announced the $14.6 billion acquisition of biopharma firm Intra-Cellular Therapies — best known for its blockbuster drug Caplyta.

If J&J completes the deal, it would mark the largest biotech ac­qui­si­tion since 2023.

Elsewhere across the C-suite, EVP and CFO Joseph Wolk brought home $11.2 million, down from the $13.9 million he brought home in 2023.

EVP and worldwide chairman of innovative medicine Jennifer Taubert received just over $11 million in total direct compensation, up slightly year-over-year, while John Reed, EVP of innovative medicine as well as research and development made just over $11 million as well.

Tim Schmid, EVP and worldwide chairman of medTech at J&J received $6.7 million.

Moderna 

Moderna CEO Stéphane Bancel received $19.9 million in total compensation in 2024, up from the $17.1 million he received in 2023.

His compensation even exceeds the $19.4 million he made in 2022. 

Bancel received an annual salary of $1.6 million, nearly $2 million in non-equity plan incentive compensation, $7.6 million in stock awards, $7.6 million in option awards and $975,000 in all other compensation.

In 2024, the CEO-to-median employee pay ratio at Moderna was 93:1. The median employee’s total compensation was $213,200.

As has been the case with other COVID-19 vaccine manufacturers, Moderna has struggled since the public health emergency concluded in May 2023.

The company has pursued opportunities to extend its mRNA technology to other disease states like the flu, cancer and RSV but hasn’t achieved much regulatory or commercial success on those fronts. 

Its RSV vaccine was approved by the FDA in May 2024 but has lagged behind other players in the space like GSK and Pfizer.

Moderna’s latest earnings report produced a beat on Q4 2024 revenue but the drugmaker lost more than expected for the period.

The company also announced it would lay off about 50 employees from its digital team amid lingering financial challenges.

Still, despite these macroeconomic headwinds, the company’s CFO James Mock’s total compensation was $17.2 million in 2024 — four times what he made in his first full year on the job in 2023. Mock, who joined the company in September 2022, received $7.3 million that year and $4.3 million in 2023.

Similarly, chief legal officer and corporate secretary Shannon Thyme Klinger received $17.3 million in 2024 — up from $4.3 million in 2023 and well exceeding the $11.4 million she brought home in 2021.

Meanwhile, president Stephen Hoge, MD received $9.1 million last year — up from $7.3 million in 2023. 

Cardinal Health

Cardinal Health CEO Jason Hollar received $25.7 million in total direct compensation in 2024 — up 37% from the $18.8 million he made in 2023.

The healthcare services company paid Hollar a salary of $1.4 million, $20.6 million in stock awards, $3.1 million in non-equity incentive plan compensation and $463,000 in all other compensation.

In 2024, the CEO-to-median employee pay ratio at Cardinal Health was 457:1. The median employee’s total compensation was $56,119.

For the rest of the C-suite, CFO Aaron Alt made $6.8 million, CEO of global medical products and distribution segment Stephen Mason made $7.3 million, CEO of pharmaceutical and specialty solutions segment Deborah Weitzman made just over $5 million and chief legal and compliance officer Jessica Mayer made $4.6 million.

Eli Lilly 

As revenues for Eli Lilly’s popular weight loss drug Zepbound continue to rise, so has the compensation for the company’s CEO David Ricks. 

Ricks, who has presided over the pharma giant over the last eight years, took home a total of $29.2 million in 2024, a 10% increase from his $26.5 million salary in 2023. 

In 2024, the CEO-to-median employee pay ratio at Lilly was 243:1. The median employee’s total compensation was $120,574.

Almost all other executives in the C-suite received a pay bump as well. 

Most notably, Lilly’s chief scientific officer Dan Skovronsky, MD, PhD was paid $12.6 million in 2024 — up from $11.9 in 2023. The increase in executive compensation has paralleled the company’s success on the market. 

Anat Hakim, Lilly’s general counsel saw her pay rise to $7.4 million; Jake Van Naarden, president of Loxo@Lilly, received $5.7 million in total compensation, up from $4.8 million in 2023, while interim CFO Gordon Brooks received $2.7 million.

Anat Ashkenazi, who left the company to become CFO at Alphabet in July, received just under $5 million.

Since 2017, Lilly’s market value has increased tenfold from $80 billion to $781 billion, with Johnson and Johnson trailing behind in second place at $401 billion. 

Per its latest quarterly earnings report, Lilly’s revenue rose 45% to $13.53 billion, largely driven by sales of GLP-1 drugs Mounjaro and Zepbound. 

Beyond the record demand for treating obesity and diabetes, the pair of drugs have received label expansions and produced promising results from clinical trials. 

Zepbound received FDA approval for obese adults with moderate-to-severe obstructive sleep apnea, while a Phase B3 trial showed that Zepbound achieved a 47% greater relative weight loss compared to Wegovy.

Accordingly, sales of Zepbound hit $1.9 billion in Q4, up from $1.26 billion in Q3. 

Zepbound’s Q4 sales coincided with the FDA removing tirzepatide — the drug’s active ingredient — off the official shortage list in December. 

Subsequently, the pharma giant announced it would start offering 7.5mg and 10mg dosages of Zepbound, in addition to the 2.5mg and 5mg of the drug, at a lower price through its platform LillyDirect. It will offer lower prices for those who pay with cash. 

The company also announced that it will start launching Zepbound in emerging markets later this year. 

AbbVie

In his first year as CEO of AbbVie, Robert Michael received $18.5 million in total compensation — up from $14.4 million in 2023. The pay is nearly double what he made in 2022 during his tenure as chief operating officer.

In 2024, the CEO-to-median employee pay ratio at AbbVie was 138:1. The median employee’s total compensation was $134,351.

Michael assumed the CEO role in July and subsequently joined the board of directors.

However, his predecessor Richard Gonzalez received $28.5 million in 2024 — well exceeding the $25.7 million he took home in 2023 and the $26.2 million he received in 2022. 

Throughout his career, Gonzalez routinely ranked among the top earners in the biopharma industry.

In mid-February, Michael succeeded Gonzalez as executive chairman of the board. Gonzalez will officially leave the board of directors on July 1

Elsewhere in the C-suite, AbbVie CFO Scott Reents earned $10.9 million, up from $10.1 million in 2023; chief operations officer Azita Saleki-Gerhardt, PhD saw her pay rise from $9.3 million to $9.9 million, and chief human resources officer Timothy Richmond received $10.3 million.

Notably, chief commercial officer Jeffrey Stewart’s pay dipped from $15.3 million in 2023 to just over $14 million in 2024.

BioNTech

In a financial windfall, BioNTech CEO Ugur Sahin, MD received €259.5 million — or $281 million — by exercising stock options in 2024.

In September 2019, Sahin was granted the option to purchase more than 4.3 million shares under the ESOP 2017/2019 program.

These shares ballooned in value over the next few years while BioNTech took center stage as one of the major COVID-19 vaccine manufacturers.

Ultimately, these option rights vested and became exercisable in 2023, with Sahin exercising them on August 9, 2024. At that time, the options were priced at $15 each. 

BioNTech’s supervisory board determined that the award would be settled by the delivery of treasury shares equal to the net value of the exercised option rights after deducting the exercise price and the applicable wage taxes as well as social security contributions resulting from the exercise.

When factoring in fixed compensation, short-term incentive installments and long-term management board grants, Sahin received around $287 million in compensation last year. 

Sahin’s big payday dwarfs the $2.4 million he received in total compensation in 2023.

As for the company, its latest earnings report was better-than-expected but still wasn’t able to overcome a soft sales outlook that disappointed investors.

Additionally, the German COVID vaccine maker said its full-year revenues would likely fall to between $1.85 billion and $2.4 billion.

Novartis 

Novartis CEO Vas Narasimhan received a total of 19.1 million Swiss Francs — or $21.4 million — in total compensation in 2024.

This marked a 40% increase from his $15.3 million total compensation in 2023. 

After its separation from its spinoff of Sandoz in late 2023, Novartis decided to double down and focus on innovative medicines and targeted messaging in new campaigns.  

According to the company’s annual report, net total sales increased by 12% in 2024, sitting at $49 billion. 

The company’s core operating income also increased by 22%, reaching $19 billion, while free cash flow increased by $3.1 billion. 

The company stated that realized net sales, core operating income and free cash flow finished significantly above set targets for the year. 

Sales growth was primarily driven by heart failure drug Entresto, arthritis treatment Cosentyx, multiple sclerosis drug Kesimpta and breast cancer drug Kisqali. 

Novartis also released the aggregated realized compensation of 10 other executive committee members, which amounted to approximately $84 million. 

The Swiss pharma giant also recently inked a deal worth $2.9 billion with PTC Therapeutics for its oral therapy to treat Huntington’s disease. 

Roche

Roche CEO Thomas Schinecker’s pay increased 4.6% to 10 million Swiss francs — $11.1 million — in 2024.

In his second full year leading the Swiss drugmaker, total revenues reached $67.3 billion, representing a 7% year-over-year increase. Its earnings per share rose by the same percentage.

The company was also active on the dealmaking front, particularly at the end of the year.

In November, Roche and Flare Therapeutics announced a partnership worth up to $1.8 billion. Later that month, Roche unveiled plans to acquire its longtime partner Poseida Therapeutics for up to $1.5 billion.

However, it wasn’t all positives for the company in 2024.

One month later, the company discontinued a Phase 3 hemophilia A gene therapy from its Spark Therapeutics unit and said its Parkinson drug failed in a second mid-stage trial.

Outside of Schinecker’s pay, the four other members of Roche’s corporate executive committee received nearly $6 million in base pay — up from $5.4 million last year — and $7.5 million in bonuses, which exceeded the nearly $7 million in bonuses last year.

Additionally, the total remuneration for the 10 members of Roche’s board of directors, including Bernard Poussot, who resigned in March 2024, was $3.7 million. This was down slightly from the $3.8 million the leaders received in 2023.

Notably, Dr. Severin Schwan, chairman of the board of directors at Roche, received $6.3 million in total compensation, up from just over $5 million he received in 2023.

Novo Nordisk 

Despite the continued success of GLP-1 drugs Ozempic and Wegovy, Novo Nordisk CEO Lars Fruergaard Jørgensen took a slight pay cut in 2024.

He received 57.1 million Danish kroner (DKK) — $8 million — compared to the $68.2 million DKK, or $9.9 million he received in 2023. 

While Novo’s CEO took a slight hit in total earnings, his base salary increased 3.5% in line with other employees at Novo as a result of general salary inflation. 

Importantly, Jørgensen’s pay cut does not reflect the growth of Novo’s sales as a result of the continued market dominance of its GLP-1 drugs. 

In its annual report, the Danish drugmaker reported a 25% increase in 2024 sales compared to 2023, amounting to a total of $290 billion DKK, or $40 billion. 

The company’s operating profit rose 25.1% to 128 billion DKK from 102 billion DKK in 2023. 

Sales of Ozempic grew 20% in 2024, and sales of obesity management treatment Wegovy jumped 57%. 

While the Danish drugmaker’s sales for its blockbuster products remain strong, Novo took a hit on the stock market late last year when its GLP-1 treatment CagriSema fell short of expectations during Phase 3 testing. 

More recently, the company’s weight loss drugs, which utilize the active ingredient semaglutide, were removed from the FDA’s shortage list.

Managing editor Jack O’Brien, senior pharma editor Lecia Bushak and summer intern Lola Offenback contributed to this reporting.