CEO, Bristol-Myers Squibb
Total Compensation: $20.85 million
Professional Profile: Lamberto Andreotti, 62, had already recorded stints at KABI Pharmacia and Pharmacia & Upjohn when he joined Bristol-Myers Squibb ($BMY) in 1998. By 2002, he had been promoted to SVP and president of worldwide pharmaceuticals; from there, he took a few more steps up the ladder to president and chief operating officer. In May 2010, he took over as CEO. Andreotti scored a nice pay hike for 2013, his third in as many years as he has been CEO of Bristol-Myers. From $14.9 million in 2011 to $17.2 million in 2012 to $20.8 million in 2013, Andreotti's pay has stepped upward as the company has tightened down its focus.
Company Profile: Andreotti engineered the acquisition of Amylin Pharmaceuticals ($AMLN) to expand a diabetes partnership with AstraZeneca ($AZN), then promptly sold out of that partnership last year. The company scrapped a few development programs to boot, including early hepatitis C work and neuroscience.
Now, Bristol-Myers has recentered itself on a few promising fields. There's immunotherapy, which just might be the hottest ticket in biopharma. The company already has Yervoy, a melanoma immunotherapy that quickly carved a place for itself in the market; with $706 million in sales its first year on the market, it made FiercePharma's list of top 15 drug launches last year.
But it's a new round of immunotherapies--known as PD-1 drugs--that really has people excited. Bristol-Myers is squarely in the spotlight at this year's American Society of Clinical Oncology meeting, thanks to its PD-1 candidate nivolumab and some closely watched studies testing it with Yervoy--and on its own--in several types of cancer. Most intriguing could be a Yervoy-plus-nivolumab effort in non-small cell lung cancer, which could hit Phase III by the end of this year. ISI Group analyst Mark Schoenebaum has called the Phase I data on that combo in NSCLC "the single most important PD-1 related data point of 2014."
And then there's hepatitis C. The company did edge out of early research in the disease, but it boasts several hep C candidates in Phase III, including daclatasvir and asunaprevir, which recently nabbed the FDA's "breakthrough" designation as a combo treatment. And then there's BMS-791325; along with daclatasvir and asunaprevir, it's part of a triple-threat cocktail that also sports the FDA's breakthrough tag.
Investors are happy to focus on the newly narrowed future. Last year, Bristol-Myers shares rose by 61%, to a market cap of $87 billion, despite ongoing generic erosion that took a bite out of sales. -- Tracy Staton (email | Twitter)
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