Bristol-Myers Squibb CEO Lamberto Andreotti has had a nice run at the drugmaker, paywise. And as he prepares to move upstairs to the chairman's office--and eventually out the door--he's going out with a bang. Apparently, a $27 million bang.
Chief Operating Officer Giovanni Caforio will take over the top exec job at Bristol-Myers Squibb on May 5, when 64-year-old Lamberto Andreotti steps down from the role he has held for 5 years and takes over instead as executive chairman of the board.
Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
Bristol-Myers Squibb's got some pumped-up sales to go along with its slimmed-down focus. In the fourth quarter, revenue increases and decreased costs helped the company beat Wall Street's earnings estimates on the way to zeroing in on its new-look pharma model.
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 $11.8 million two years ago.
Bristol-Myers Squibb's ($BMY) fourth-quarter sales are about as pure an example of generic erosion as we're likely to get. Was 2012 truly a "transition year" for Bristol-Myers, as CEO Lamberto Andreotti insists?
Bristol-Myers Squibb ($BMY) is following up its lackluster third-quarter results with almost 480 layoffs. As Pharmalot reports, the company notified the New Jersey government that it would scale back in Plainsboro, which means the cuts will hit its sales operations.
Bristol-Myers Squibb's ($BMY) third quarter continues the generics-are-poison trend. The company saw sales drop by 30%--yes, 30%--as copycats siphoned off sales from its big-selling blood-pressure drugs Avapro and Avalide, and its even bigger clot-fighting treatment Plavix.
Poor Lamberto Andreotti. Just a year ago, the Bristol-Myers Squibb ($BMY) CEO was accepting bouquets for his company's better-than-the-rest reputation in Big Pharma. Now, he's nominated as the year's worst CEO.
It looks as if Gilead can't be shamed into a late-stage hepatitis C collaboration with Bristol-Myers Squibb after all.