Heather Bresch, Mylan
2019 total pay: $18.5 million
2018 total pay: $13.33 million
Percentage change: 38.8%
Under a massive merger inked last year, Mylan is set to combine with Pfizer’s Upjohn unit as a new company dubbed Viatris. And Mylan CEO Heather Bresch is set to retire following a big pay raise.
In 2019, Bresch earned a pay package ranking her among CEOs of some of biopharma’s biggest companies. She earned a total pay package of $18.5 million, a 39% increase from $13.33 million in 2018.
Her salary grew by $200,000 to $1.5 million based on her “leadership and performance, and following a review of peer group CEO compensation benchmarks,” the company said in a quarterly filing. It was her first salary increase since 2015.
Meanwhile, the CEO’s stock awards grew by more than $2 million and her option awards declined by about $800,000 from 2018. Her pension value grew by more than $2.3 million, and her non-equity incentive compensation grew 30% to $3.39 million.
Her “other” pay leaped all the way to $751,245. The category includes the distribution of a life insurance retention plan that was terminated, plus company 401(k) contributions and $256,267 in personal use of corporate aircraft.
Mylan completed 139 regulatory submissions around the globe last year, and it launched the first U.S. generic to GlaxoSmithKline’s Advair, the SEC filing pointed out. The company’s sales were up only slightly to $11.5 billion, from $11.43 billion the year before.
But the biggest development for Mylan last year was its July tie-up with Pfizer’s Upjohn unit. The companies say the combined drugmaker will have global scale and geographic reach and will be a “partner of choice” for midsized companies aiming to reach other markets. The companies expect the deal to close in the second half of the year.
Bresch wasn’t the company’s only exec to score a $10-million-plus pay package during the year. Mylan president Rajiv Malik netted $12.38 million in compensation, a 30% increase from 2018.