Bristol Myers Squibb Ceo Salary

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This undated fact sheet photo is courtesy of Bristol-Myers Squibb Co. provided by. It shows CEO James M. Cornelius. Bristol-Myers Squibb Co. Chief Executive Officer James M. Cornelius received approximately $22 million in compensation in 2008 as the pharmaceutical company had a profitable year and the 65-year-old executive reached retirement age. (AP Photo/Bristol-Myers Squibb Co.)

Bristol Myers Squibb Ceo Salary

Bristol Myers Squibb Ceo Salary

Bristol-Myers Squibb Co. CEO James M. Cornelius received nearly $22 million in compensation in 2008 as the pharmaceutical company had a profitable year and the 65-year-old executive reached retirement age.

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Cornelius saw his salary rise 10 percent to $1.5 million after he was elected president in February 2008, according to a power of attorney filed with the Securities and Exchange Commission. But most of his compensation came from stock options and restricted stocks worth $15.7 million, an increase of 86 percent from 2007.

Spokesman Brian Henry said Cornelius received the majority of the total due to all previously unearned options and a restricted stock vest for an employee when he reached retirement age, as per company policy. Cornelius has announced that he has no plans to retire.

Henry also said that a performance-related award for 2006-2008 included a total of $15.7 million.

Of this total, $7.1 million worth of options have exercise prices at $22.14, higher than Bristol’s current share price. Bristol shares are trading at $20.88 on Tuesday morning.

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Bristol-Myers also awarded Cornelius a separate performance bonus of $4.5 million, doubling his 2007 jackpot.

The drugmaker also paid for its CEO $69,346 for a car and a driver. The company wants this for security reasons.

The Associated Press compensation formula is designed to allocate the value that the company’s board has placed on the executive’s overall compensation package in the last fiscal year. Salary includes any bonuses, benefits, above-market returns on deferred compensation, and the estimated value of stock options and rewards granted during the year.

Bristol Myers Squibb Ceo Salary

Calculations do not include changes in the present value of pensions and sometimes differ from the sum of companies listed in the summary compensation table of proxies, which reflects the amount of accounting fees received for executive compensation in the previous financial year. year.

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Bristol-Myers made $5.25 billion, or $2.63 per share, last year, and revenue rose 13 percent to $20.6 billion.

The drugmaker’s share price fell 12 percent last year, closing 2008 at $23.25. However, the Standard and Poor’s 500 index experienced a deeper decline, falling 38 percent over the same period. We are united in our mission to discover, develop and deliver innovative medicines to help patients beat serious illness and to pioneer new treatments that give people their lives back. It is a crucial day that marks the beginning of a new page of opportunity and promise as the collective leverages our latest science, global scale and agility, industry-leading commercialization capabilities, and the passion and expertise of our people.

Achieving this milestone is a testament to the tireless work of our employees, the support of our partners, and our shareholders’ belief in the value of our combined company.

We are united in our unique focus on patients. They are at the center of everything we do.

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Our expanded R&D organization is poised to seek the next opportunity to reinvent medicine and how to deliver it.

Our vision for the future is to work together to lead scientific innovations in the fight against cancer and other serious diseases with the goal of solving unmet medical needs. With an expanded, best-in-class R&D organization and a high-performing commercialization team, we stand ready to leverage our global scale and agility to explore the next opportunity to reinvent medicine and how it is delivered. We now have leading franchises in oncology, hematology, cardiovascular disease and immunology and one of the most diverse and promising pipelines in the industry. Most importantly, we have very talented and extremely passionate people to drive us forward.

We are united in our unique focus on patients. They are at the center of everything we do. Our patients inspire us to do more, reach further and work harder because we know they are waiting for the next innovative medicine.

Bristol Myers Squibb Ceo Salary

As we strengthen our scientific leadership and transform into a broad portfolio of marketed assets, I am confident we will deliver more medicine to more patients and create value for our employees and shareholders. I am excited about what we will achieve together.

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Bristol Myers Squibb has created a financial powerhouse with its top three drugs, but now it’s guiding investors into a future beyond these blockbuster movies.

These three drugs — cancer treatments Revlimid and Opdivo and blood thinners Eliquis — will account for around $27 billion in sales by 2022, or about two-thirds of the New York pharmaceutical giant’s projected revenue. But patents for these drugs are expected to expire in the next six years, and starting this year with Revlimid paves the way for generic competition that could erode sales.

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Giovanni Caforio, CEO of Bristol Myers Squibb, told Insider that he is confident the $144 billion company will continue to grow even as drug sales disappear. J.P. At the Morgan Healthcare conference, he highlighted three reasons that raise his optimism about Bristol’s future: the launch of nine new drugs, some promising candidates still in clinical trials, and a strengthened research pipeline in the early stages.

“There are multiple paths to growth and multiple scenarios that allow us to grow the business by losing exclusivity,” Caforio said.

So-called patent gaps are a part of life for all pharmaceutical manufacturers. New drugs have a limited monopoly until their patents expire. Then counterfeit competition begins, typically driving down prices and sales.

Bristol Myers Squibb Ceo Salary

With every pharmaceutical company facing this situation – the need to continually seek new sources of growth to replace losses – Bristol faces the steepest chasm in the industry. A recent analysis by SVB Leerink found that 47% of Bristol’s projected 2025 revenues will decline as patents expire at the end of the decade. This is the highest of the 19 major drug manufacturers analyzed by SVB Leerink, with a median effect of 15%.

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Bristol’s challenges may begin this year with the company’s best-selling drug, Revlimid. The pharmaceutical company expects limited generic competition to begin this year in Europe, Japan and the US. In the US, competitors with deals with BMS can sell the drug in limited quantities over the next four years, and then in unlimited quantities.

During a presentation Monday at J.P. At the Morgan Healthcare conference, Caforio said the company expects Revlimid revenue to drop by $2 billion year-on-year to $2.5 billion, from $9.5 billion in the first nine months of 2021.

According to SVB Leerink’s analysis, the company’s other two best-selling companies will also see competition in the coming years: Eliquis’ exclusivity period will expire in 2026 and Opdivo’s key patents will begin to expire in 2028.

As a result, Bristol Myers Squibb may have to reinvent itself to continue growing. Caforio said the company is well positioned to do so for the rest of the decade.

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First, Bristol plans to launch nine new drugs by the end of this year. “We’ve already launched six, and we’re expecting three approvals this year,” Caforio said. Said.

These three drug candidates, with an approval decision in 2022, are a new cancer immunotherapy called relatlimab, the heart drug mavacamten, and the psoriasis treatment deucravacitinib. The company’s projections showed that these nine new drugs could contribute more than $25 billion in revenue by 2029.

Second, Caforio said, the mid-stage pipeline—experimental drugs still making their way in clinical trials—is strong. He mentioned two drugs of particular importance: milvexian, which can prevent blood clotting, and iberdomide, an experimental blood cancer treatment.

Bristol Myers Squibb Ceo Salary

Finally, the CEO said that Bristol is reinforcing its initial research. The pipeline of drug candidates has doubled in the past two years, with more than 50 experimental drugs currently being tested on humans. The next few years could bring a flurry of data.

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“We will have about 20 proof-of-concept data in the next two to three years,” Caforio said. Said. “So the breadth and depth of the pipeline is what makes me really confident in its ability to grow the company.” It reserves the right to restrict claims arising from unannounced automated tools to provide equal access to all users. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until appropriate action is taken.

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