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Ranking of most overpaid CEOs includes several pharma executives

By Brian Buntz | February 16, 2023

Return on investment, growing savings or wage income concept. Coins and wooden person going on increasing columns of coins. Helping hand adds more money. Successful investment concept.

[Image courtesy of Adobe Stock]

Determining the most overpaid CEOs is a controversial topic, but one notable list that has recently surfaced is the one published by the non-profit As You Sow. This list includes several pharmaceutical and life science executives on its 100 most overpaid CEOs ranking.

To determine its most recent ranking, As You Sow assessed compensation packages that were subject to voting in the year before June 30, 2022.

As You Sow identifies its ranking of 100 most overpaid CEOs through three rankings based on the S&P 500. The first assesses the financial performance of each company by comparing their CEO’s pay with their total shareholder return. The second dimension identifies companies with the highest percentage of institutional shareholders who voted against their CEO’s pay package. The third dimension gauges the ratio of CEO’s pay to that of an average employee’s. The report authors then combined the rankings to provide a summary ranking.

In Big Pharma, as well as in other verticals, high executive compensation can contribute to a negative perception of the industry. Much of the public views high CEO pay as evidence of corporate greed and a lack of concern for the public. Also contributing to that sentiment are worries that the costs of new drugs have been increasing over the past decade, as a recent BMJ analysis noted.

CEO Name Company Salary (2021) Times More than Avg. Employee Pay As You Sow Rank
Ari Bousbib IQVIA Holdings $28.62 million 205 41
Alex Gorsky Johnson & Johnson $26.74 million N/A 50
Michael Goettler Viatris $14.70 million 398 53
Richard A. Gonzalez AbbVie $23.91 million 160 89
Marc N. Casper Thermo Fisher $21.23 million 254 92
Michel Vounatsos Biogen $17.69 million N/A N/A

IQVIA Holdings’ top exec made $2.8M in 2021

Ari Bousbib

Ari Bousbib

Ari Bousbib, CEO of the life sciences firm IQVIA earned $28.62 million two years ago, some 205 times more than the company’s average employee pay of $140,000. As You Sow pegged him in the 41st slot of its list of most overpaid CEOs. In 2022, his pay he earned roughly the same amount. A total of 29% of institutional shareholders also opposed his compensation level.

Bousbib has led the company since the merger of Quintiles and IMS Health in October 2016.

IQVIA offers a range of services to the pharma, biotech and healthcare industries. The multinational company offers healthcare data analytics, clinical trial services, real-world evidence research and consulting services to help their clients optimize their R&D and commercialize products and manage their businesses.

J&J’s last CEO made $26.7M

Alex Gorsky

Alex Gorsky

Johnson & Johnson’s Alex Gorsky, who served as executive chairman of the conglomerate in 2022 before retiring, earned $26.74 million in 2021. He ranked 50 in the As You Sow list of overpaid CEOs. Gorsky was the best-paid pharma exec in 2020, raking in $29.58 million. His compensation was 297 times more than that of an average employee.

Joaquin Duato took the reins of the company at the beginning of 2022.

Under Gorsky’s tenure, Johnson & Johnson announced its plans to spin off its consumer health business as a publicly traded company to sharpen its focus on its higher-margin pharma and medtech businesses.

Viatris leader earned $14.7M

Viatris CEO Michael Goettler earned $14.70 million in 2021, some 398 times more than the pay of an average worker at the company. As You Sow also noted that 79% of institutional shareholders opposed Goettler’s compensation level. Goettler’s compensation in 2021 was 398 more than that of an average employee’s. He was ranked 53rd in As You Sou’s report of overpaid CEOs.

Viatris was formed after the merger of Mylan and Upjohn.

AbbVie CEO raked in $23.9M

Rick Gonzalez

Richard A. Gonzalez

In 2021, the top executive of AbbVie, Richard A. Gonzalez, earned $23.91 million — 160 times more than an average worker at the company. Gonzalez has been the CEO of AbbVie since 2013 when it separated from Abbott Laboratories. Gonzalez is one of the most experienced pharma CEOs and also served as executive vice president at Abbott Laboratories before the creation of AbbVie.

Gonzalez was ranked 89th in As You Sow’s report.

Gonzalez’s annualized return over his tenure as CEO is about 19%.

Thermo Fisher’s top exec earned $21.2M

Marc N. Casper, the CEO of Thermo Fisher earned $21.23 million, 254 times more than an average employee at the scientific research company. Casper has been the CEO of the company since October 2009. Casper’s pay hit new levels in 2021 when the company’s revenue surged in the early phase of the pandemic. In 2022, however, it struggled to maintain the momentum. Casper was the 92nd most overpaid CEO in As You Sow’s report.

Biogen’s former CEO earned $17.7M

Michel Vounatsos

Michel Vounatsos [Image courtesy of Biogen]

In 2021, Biogen granted its CEO Michel Vounatsos a pay package valued at approximately $17.69 million despite the company’s disappointing introduction of the Alzheimer’s drug Aduhelm (aducanumab). Despite being the first new Alzheimer’s drug to score FDA approval in nearly two decades, the drug has failed to generate material sales. The company had hoped the drug would be a blockbuster.

Although Vounatsos did not make it into the list of the 100 most overpaid CEOs, he ranked 41st out of a 100 in terms of executives with the most shareholder votes against CEO pay.

Christopher A. Viehbacher became the new CEO of Biogen in November 2022.


Filed Under: Drug Discovery, Drug Discovery and Development
Tagged With: overpaid CEOs
 

About The Author

Brian Buntz

As the pharma and biotech editor at WTWH Media, Brian has almost two decades of experience in B2B media, with a focus on healthcare and technology. While he has long maintained a keen interest in AI, more recently Brian has made making data analysis a central focus, and is exploring tools ranging from NLP and clustering to predictive analytics.

Throughout his 18-year tenure, Brian has covered an array of life science topics, including clinical trials, medical devices, and drug discovery and development. Prior to WTWH, he held the title of content director at Informa, where he focused on topics such as connected devices, cybersecurity, AI and Industry 4.0. A dedicated decade at UBM saw Brian providing in-depth coverage of the medical device sector. Engage with Brian on LinkedIn or drop him an email at bbuntz@wtwhmedia.com.

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