15. Clay Siegall, Seattle Genetics
2018 pay: $18.10 million
2017 pay: $8.62 million
Every line item in Seattle Genetics CEO Clay Siegall’s 2018 pay package increased, and together they totted up to $18.1 million, more than twice the $8.6 million he recorded in 2017.
What was the fuel behind that across-the-board climb? Partly Seattle's blood cancer drug Adcetris, which grew sales by more than half and took several steps toward even more.
For instance, the drug nabbed a key chemo-combo approval in newly diagnosed, late-stage classical Hodgkin lymphoma, which Siegall described as the company’s “biggest market opportunity"—and hitting that milestone was another reason for Siegall's pay bump.
And in November, Adcetris became the first FDA-approved treatment in front-line peripheral T-cell lymphoma. That nod came under the FDA’s Real-Time Oncology Review pathway, less than two weeks after the company completed its application and six months earlier than expected.
Meanwhile, the drug generated $477 million in 2018 sales, up 55% year over year. To reward top sales performers, Siegall took them on an award trip—the cost of which was also credited to his compensation package.
R&D also played a role in Siegall’s pay package. Some $1 million worth of long-term performance-based incentive grants came from HER2 TKI tucatinib, which was the primary driver for Seattle’s $614 million acquisition of Cascadian Therapeutics. While the grant value of the restricted stock unit awards was added to Siegall’s 2018 compensation, they won’t actually be earned until the drug is approved.
All told, Siegall's stock and option awards skyrocketed from $6.78 million in 2017 to $15.76 million last year.
And Siegall’s total topped those of many of his peers, including CEOs serving at some of the world’s largest pharmas. For example, David Ricks, in his second year behind Eli Lilly’s wheel, nabbed $17.2 million in 2018 compensation.