Pharma executives may be lamenting the costs they're suffering from U.S. healthcare reform, but that challenge helped boost the paycheck of Bristol-Myers Squibb's CEO. Chief Executive Lamberto Andreotti (photo) took home $10.9 million in compensation for 2010, including a 225 percent increase in stock awards to $5.8 million. In all, his compensation grew by 43 percent.
Of course, in 2009, Andreotti was COO, not CEO. At the time, he earned $7.7 million. He took over the CEO's chair in May, after previous chief James Cornelius (photo) retired. The board of BMS said it evaluated its new CEO based on "his leadership in delivering solid 2010 financial results...while effectively managing the impact of U.S. health reform," according to an SEC filing.
Andreotti collected $1.3 million in salary, up eight percent year over year, and $3.1 million in performance bonus pay, an increase of two percent. Other compensation of more than $619,000 rounded out the package.
The CEO's salary totals come at a time when BMS is celebrating new, positive data on its cancer drug ipilimumab, the first treatment to show improved survival time for patients with advanced melanoma. The company could win approval for the drug as early as this week, and Andreotti has said he expects five new regulatory approvals by the end of 2012.
- check out the SEC filing
- get more from Reuters regarding the ipilimumab results
- read the story from AP
Special Report: Top 10 Pharma CEO salaries of 2009