Here's something you don't see in the U.S.: The chief exec of Germany's largest independent pharma has agreed to a pension cut worth about 40%--a change he says he was "happy" to consent to.
Actavis CEO Paul Bisaro has been on a roll lately. He's scored one M&A deal after another, with Warner Chilcott wrapping up last year and Forest Laboratories currently on deck. And his pocketbook has shared in the bounty.
It remains to be seen how much GlaxoSmithKline's China bribery scandal will cost the British pharma, but it has already cost CEO Andrew Witty up to $410,000 in potential bonus money, according to the company's annual report.
A Swiss referendum approved by voters this spring gave shareholders the right to reject pay packages for top managers and outlawed certain types of executive largesse. But another is coming up that makes those rules look lenient.
Want to know how much Jeremy Levin makes? You'll soon find out. The numbers on Teva Pharmaceutical Industries' CEO pay will finally go public, now that the company has settled a lawsuit from investors angry about the compensation secrecy.
CEO pay in Europe continues to be a flashpoint given the high unemployment and austerity measures the workaday folk on the continent face. Still, a new analysis shows the CEO's of European drugmakers continue to pull in far less than their U.S. counterparts.
Amgen's new CEO scored a big raise when he was promoted last year. Robert Bradway took over from ex-chief Kevin Sharer at the end of May, and by year's end, he had racked up $13.57 million in compensation for the year, almost twice what he made in 2011 as president and COO. And his predecessor's pay dropped by half, knocking him off our list of highest-paid biopharma executives.
Bristol-Myers Squibb CEO Lamberto Andreotti got a 15% raise last year. And that's on top of a 26% increase the year before. Andreotti's 2012 compensation package amounted to $17.2 million, up from $11.8 million two years ago.
Eli Lilly CEO John Lechleiter took a pay cut last year--sort of. His 2012 compensation declined by 15%, to $14.6 million. But as Dow Jones reports, the drop stems from a smaller increase in the value of his pension.
GlaxoSmithKline CEO Andrew Witty--and his colleagues--have another reason to lament European austerity. Their bonuses and long-term incentive pay dropped, by half in Witty's case, as as a "very challenging operating environment" hampered the company's performance.