Bio­phar­ma's 20 high­est-paid CEOs of 2022, each bring­ing in $20M+ pay­days

Even in a down year for much of the bio­phar­ma mar­ket, 20 CEOs brought in pay pack­ages val­ued at more than $20 mil­lion, an End­points News analy­sis found.

End­points col­lect­ed da­ta on more than 350 CEO com­pen­sa­tion pack­ages, cov­er­ing a wide range of phar­ma, biotech, and life sci­ences com­pa­nies. All told, the 20 largest earn­ers made over $725 mil­lion in 2022 — an av­er­age pack­age of $36.4 mil­lion. Three brought in pay­days over $50 mil­lion, and one CEO broke the $100 mil­lion mark.

The vast ma­jor­i­ty of CEO pay pack­ages are made up of eq­ui­ty in­stead of cash. End­points used the tra­di­tion­al mea­sure of CEO pay for this list, con­sid­er­ing the es­ti­mat­ed fair val­ue of eq­ui­ty pack­ages grant­ed or mod­i­fied in the past fis­cal year. This fig­ure re­flects what boards de­cid­ed to pay a CEO in the last year. Many on the high­est-paid list re­ceived one-time pack­ages — ei­ther new-hire grants, re­ten­tion pack­ages, or sev­er­ance — that brought their com­pen­sa­tion up. Oth­er meth­ods, such as cal­cu­lat­ing the val­ue of vest­ed or cashed-in eq­ui­ty, more close­ly track take-home pay, but those eq­ui­ty awards could have been grant­ed years ago.

The analy­sis al­so re­veals how some CEOs get sev­er­al bites at the ap­ple of mak­ing life-chang­ing mon­ey. Many re­ceive a sub­stan­tial eq­ui­ty pack­age when they’re hired, and some re­ceive sim­i­lar­ly valu­able re­ten­tion pack­ages for stick­ing around, and mul­ti­mil­lion-dol­lar sev­er­ance pay­outs if things don’t work out or if the com­pa­ny is sold.

Oc­ca­sion­al­ly, pay pack­ages draw scruti­ny from in­vestors. The leg­endary ac­tivist Carl Ic­ahn has crit­i­cized Il­lu­mi­na CEO Fran­cis deS­ouza’s pay­day as ex­ces­sive in part of a larg­er bat­tle he’s fight­ing with the gene-se­quenc­ing gi­ant. Seagen has al­so drawn crit­i­cism from the in­vestor ad­vi­so­ry firm Glass Lewis for what it called “prob­lem­at­ic” com­pen­sa­tion prac­tices.

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End­points reached out to all 20 com­pa­nies on the list for com­ment. Those that shared ad­di­tion­al com­ments are not­ed be­low.

Here are 2022’s high­est-paid CEOs

#1: Sarep­ta Ther­a­peu­tics CEO Doug In­gram — $124,938,694

Doug In­gram

Claim­ing the No. 1 spot on the 2022 list is Doug In­gram, whose pay pack­age sky­rock­et­ed af­ter the board changed the vest­ing sched­ule on some of his op­tions last April. Some op­tions were ex­pect­ed to ex­pire in June 2022 and are now el­i­gi­ble to vest for an ad­di­tion­al three years. The re­sult was a mas­sive in­crease in the fair present val­ue that makes up al­most all of In­gram’s com­pen­sa­tion last year.

In its proxy, Sarep­ta says the change re­flects In­gram’s “per­for­mance to date and the im­por­tance of re­tain­ing a valu­able chief ex­ec­u­tive of­fi­cer dur­ing a cru­cial time.” A com­pa­ny spokesper­son added that In­gram’s salary and bonus are sig­nif­i­cant­ly be­low in­dus­try av­er­ages, with the vast ma­jor­i­ty of his pay be­ing de­pen­dent on Sarep­ta’s per­for­mance.

“There are few lead­ers, like Mr. In­gram, who would align their per­son­al fi­nan­cial in­ter­ests with the over­all suc­cess of the com­pa­ny they lead,” the spokesper­son said in a state­ment.

The FDA is slat­ed to soon make an ap­proval de­ci­sion on the com­pa­ny’s hot­ly de­bat­ed Duchenne mus­cu­lar dy­s­tro­phy gene ther­a­py. In jus­ti­fy­ing this lu­cra­tive pay pack­age, the board al­so not­ed In­gram de­clined salary in­creas­es in 2018 and 2019, hasn’t sold any shares, and vol­un­tar­i­ly bought $12 mil­lion in Sarep­ta stock from 2017 through 2021.

To ful­ly re­al­ize the val­ue of all these op­tions, Sarep­ta’s stock would need to in­crease by at least 438%, or from $34.65 to $186.36, dat­ing back to the orig­i­nal share price when In­gram be­came CEO in 2017. All told, In­gram could own 4.2% of Sarep­ta’s stock if he hits those per­for­mance goals. The board doesn’t plan to grant ad­di­tion­al eq­ui­ty in­cen­tive awards in In­gram’s first eight years of em­ploy­ment, which is un­til 2025, the fil­ing states.

#2: Roy­al­ty Phar­ma CEO Pablo Legor­re­ta — $93,478,402

Pablo Legor­re­ta

Pablo Legor­re­ta com­mands an un­usu­al, high­ly prof­itable niche in the bio­phar­ma in­dus­try, lead­ing a busi­ness that doesn’t de­vel­op drugs but buys up roy­al­ty rights in ap­proved and ex­per­i­men­tal ther­a­pies.

Legor­re­ta found­ed the com­pa­ny in 1996, and in­stead of re­ceiv­ing salary or eq­ui­ty awards, he’s paid “man­age­ment fees” equal to 6.5% of the cash re­ceipts from its roy­al­ty in­vest­ments every quar­ter, along with 0.25% of the quar­ter­ly val­ue of Roy­al­ty’s se­cu­ri­ty in­vest­ments. For 2022, that to­taled over $93 mil­lion in cash, with about $28 mil­lion com­ing from Pfiz­er’s ac­qui­si­tion of Bio­haven. Roy­al­ty held sig­nif­i­cant eq­ui­ty in Bio­haven, which trans­lat­ed to a $479.5 mil­lion pay­ment.

A spokesper­son for Roy­al­ty added the com­pa­ny’s com­pen­sa­tion com­mit­tee re­views Legor­re­ta’s per­for­mance and be­lieves he “is per­form­ing well and the man­age­ment fee paid is ap­pro­pri­ate.”

#3: Seagen CEO David Ep­stein — $57,460,546

David Ep­stein

Af­ter months of search­ing for a suc­ces­sor to Clay Sie­gall, Seagen land­ed a big name in bio­phar­ma in David Ep­stein — and paid up for the for­mer No­var­tis Phar­ma­ceu­ti­cals CEO.

Ep­stein’s pay pack­age was most­ly one-time eq­ui­ty awards, in­clud­ing near­ly $15 mil­lion in shares that will vest over four years along with stock op­tions val­ued at more than $42 mil­lion. Those op­tions are a mix of per­for­mance- and time-based op­tions.

Since start­ing last No­vem­ber, Ep­stein looks to be in for a quick, lu­cra­tive run at Seagen — at least as an in­de­pen­dent biotech. Pfiz­er agreed in March to buy Seagen for $43 bil­lion. That ac­qui­si­tion could ac­cel­er­ate the vest­ing time­line on some of Ep­stein’s eq­ui­ty, par­tic­u­lar­ly if he leaves with­in 18 months fol­low­ing a change in con­trol, ac­cord­ing to his em­ploy­ment agree­ment.

“Our Board pri­or­i­tized at­tract­ing one of the few lead­ers ca­pa­ble of both over­see­ing Seagen’s growth and com­mer­cial­iza­tion strat­e­gy,” a Seagen spokesper­son said in a state­ment.

#4: Zen­tal­is Phar­ma­ceu­ti­cals CEO Kim­ber­ly Black­well — $36,614,376

Kim Black­well

Kim­ber­ly Black­well stands apart from most of the top-paid CEOs by lead­ing Zen­tal­is Phar­ma­ceu­ti­cals, a $1.6 bil­lion clin­i­cal-stage can­cer biotech that went pub­lic in 2020. She took on the CEO role last year and most of her pay pack­age came in stock op­tions with a $24.41 strike price. That pay pack­age al­so makes her the high­est-paid woman in biotech for 2023.

A spokesper­son for the com­pa­ny said the eq­ui­ty awards were sub­stan­tial­ly larg­er than some peers be­cause Black­well is a new hire, and that com­par­ing them to CEOs who have been in the role for longer “is not an ap­ples-to-ap­ples com­par­i­son.”

Those op­tions were grant­ed last May con­tin­gent on the com­pa­ny’s per­for­mance, vest­ing on­ly if Zen­tal­is se­cured an FDA ap­proval or there was a change in con­trol of the com­pa­ny. How­ev­er, the board mod­i­fied the op­tions this Jan­u­ary to make them time-based awards in­stead, vest­ing month­ly over a four-year span.

The spokesper­son said the com­pa­ny didn’t pro­vide com­men­tary on this change since it hap­pened in 2023, and the proxy fil­ing was fo­cused on 2022 com­pen­sa­tion de­ci­sions. But the board “de­ter­mined that this vest­ing change was in the best in­ter­est of the Com­pa­ny,” the spokesper­son added.

#5: Pfiz­er CEO Al­bert Bourla — $33,017,453

Al­bert Bourla

With Pfiz­er sur­pass­ing a record $100 bil­lion in rev­enue last year, the phar­ma gi­ant’s board re­ward­ed CEO Al­bert Bourla hand­some­ly. On top of his $1.74 mil­lion salary, Bourla raked in a $7.65 mil­lion bonus along with about $18 mil­lion in eq­ui­ty awards.

The proxy fil­ing high­lights Pfiz­er’s Covid-19 re­sponse and all-time rev­enue highs as rea­sons be­hind the com­pen­sa­tion pack­age.

“We be­lieve that Dr. Bourla’s com­pen­sa­tion is ap­pro­pri­ate for his lead­er­ship and per­for­mance, as well as Pfiz­er’s out­stand­ing over­all per­for­mance in 2022, and is in align­ment with Pfiz­er’s pay for per­for­mance phi­los­o­phy,” a com­pa­ny spokesper­son said in a state­ment.

#6: For­mer Seagen CEO Clay Sie­gall — $32,758,022

De­spite de­part­ing as CEO last May a few weeks af­ter be­ing ar­rest­ed over do­mes­tic vi­o­lence al­le­ga­tions in­volv­ing his then-wife, Seagen co-founder Clay Sie­gall brought in a $32.8 mil­lion pay pack­age. At the time, the com­pa­ny said Sie­gall de­nied those claims, and Sie­gall did not pro­vide a com­ment to End­points.

Most of that com­pen­sa­tion came from a sev­er­ance pay­out trig­gered by his ex­it. While it was pub­licly de­scribed as a res­ig­na­tion, the board treat­ed his de­par­ture as an “in­vol­un­tary ter­mi­na­tion” with­out cause, mean­ing Sie­gall saw some of his stock awards ac­cel­er­ate in vest­ing along with a sev­er­ance pack­age that in­cludes 1.5 times his salary and bonus.

Sie­gall and the board agreed to hold any sev­er­ance pay­outs un­til March 2023 to give time for the board’s in­ves­ti­ga­tion in­to the al­le­ga­tions. That in­ves­ti­ga­tion ul­ti­mate­ly did not sup­port ter­mi­na­tion for cause, the proxy fil­ing states, with the board cit­ing the fact that pros­e­cu­tors de­clined to file crim­i­nal charges. Sie­gall has al­ready land­ed his next gig, run­ning the pri­vate biotech Mor­phim­mune.

#7: 23andMe CEO Anne Wo­j­ci­c­ki — $32,546,430

Since go­ing pub­lic via SPAC in June 2021, the ge­net­ics spe­cial­ist 23andMe has seen its stock price tum­ble by 80%. De­spite the dis­mal mar­ket per­for­mance, CEO Anne Wo­j­ci­c­ki has seen a bump in stock awards — though it’s not clear when or if she’ll be able to ex­er­cise them.

Short­ly be­fore go­ing pub­lic, Wo­j­ci­c­ki re­ceived re­strict­ed shares worth about $12.6 mil­lion at the time that would vest over four years. And in March 2022, she re­ceived 7.5 mil­lion shares as op­tions with a $3.95 ex­er­cise price. Those are now un­der­wa­ter, with 23andMe shares trad­ing around $2.

“Anne’s com­pen­sa­tion is 99.8% eq­ui­ty, and she has nev­er sold a sin­gle share. Her in­ter­ests are strong­ly aligned with our share­hold­ers,” a spokesper­son said.

23andMe’s fis­cal year runs from April through March.

#8: Bio­gen CEO Chris Viehbach­er — $30,488,593

Chris Viehbach­er stepped in­to Bio­gen with a mas­sive chal­lenge — and a pro­por­tion­al­ly sized pay­check. At the time, Michel Vounatsos had hit the ex­it amid the Aduhelm fi­as­co.

Af­ter start­ing in No­vem­ber 2022, Viehbach­er re­ceived a one-time sign-on award worth about $28 mil­lion. That was a mix of op­tions that will vest over three years and oth­er eq­ui­ty awards that re­quire Bio­gen to hit cer­tain stock price and share­hold­er re­turn fig­ures.

Bio­gen’s proxy states that pay pack­age “is in lieu of any oth­er 2023 eq­ui­ty grants”for Viehbach­er.

#9: IQVIA CEO Ari Bous­bib — $30,135,029

Ari Bous­bib is rou­tine­ly one of the high­est earn­ers in the life sci­ences, run­ning the mas­sive drug da­ta analy­sis shop since 2016. In 2017, for in­stance, Bous­bib made $38 mil­lion — more than any oth­er phar­ma or biotech CEO, ac­cord­ing to the Wall Street Jour­nal.

For 2022, his $30 mil­lion pay­day ranks in the in­dus­try’s top 10. That in­cludes a $1.8 mil­lion salary and near­ly $6 mil­lion in bonus­es based on a com­plex for­mu­la that con­sid­ers met­rics like cash flow, rev­enue, and ESG progress. He al­so re­ceived stock awards worth about $16 mil­lion and op­tions worth about $5 mil­lion.

An IQVIA spokesper­son added that the board and com­pen­sa­tion com­mit­tee found Bous­bib’s per­for­mance to be “ex­cep­tion­al,” par­tic­u­lar­ly in achiev­ing the com­pa­ny’s 2019 strat­e­gy to ac­cel­er­ate its growth fol­low­ing the 2016 merg­er of IMS Health and Quin­tiles that cre­at­ed IQVIA.

#10: Ther­mo Fish­er Sci­en­tif­ic CEO Marc Casper — $28,208,909

Marc Casper has led Ther­mo Fish­er, sell­er of lab equip­ment, chem­i­cals, and tests, for over two decades, grow­ing the busi­ness in­to a $200 bil­lion gi­ant. Casper re­ceived a $28.2 mil­lion pay pack­age in 2022 made up of about $20 mil­lion in eq­ui­ty awards along with $5.5 mil­lion in a bonus based on per­for­mance goals tied to met­rics like or­gan­ic rev­enue growth, cash flow, and ESG pri­or­i­ties.

A siz­able chunk of Casper’s eq­ui­ty awards came from an ac­count­ing change made in No­vem­ber 2022 to past eq­ui­ty awards, ul­ti­mate­ly boost­ing the fair val­ue of pre­vi­ous­ly grant­ed re­strict­ed shares by about $7.7 mil­lion.

Ther­mo Fish­er al­so paid $225,000 for Casper’s per­son­al use of air­crafts, with the com­pen­sa­tion com­mit­tee stat­ing in the proxy fil­ing “such air­craft us­age in­creas­es the se­cu­ri­ty, avail­abil­i­ty, and pro­duc­tiv­i­ty of the CEO, pro­vid­ing sub­stan­tial ben­e­fits that jus­ti­fy the cost.”

“Mr. Casper’s com­pen­sa­tion is de­signed to dri­ve share­hold­er val­ue,” a spokesper­son said in a state­ment. “Over the past three years our to­tal share­hold­er re­turn has in­creased 71% and over the past five years, 194%.”

#11: Il­lu­mi­na CEO Fran­cis deS­ouza — $26,752,197

Fran­cis deS­ouza finds him­self in a bru­tal fight with ac­tivist in­vestor Carl Ic­ahn, who is look­ing to oust him from the ge­nomics gi­ant, cit­ing his com­pen­sa­tion as one rea­son. In 2022, deS­ouza re­ceived a pay pack­age worth over $26 mil­lion, main­ly made up of $12.5 mil­lion in stock op­tions and $12.5 mil­lion in re­strict­ed shares tied to hit­ting earn­ings-per-share tar­gets.

The board grant­ed the op­tions as a one-time spe­cial grant, cit­ing the need to re­tain tal­ent in a tight la­bor mar­ket. The $12.5 mil­lion amount was based on the mar­ket stan­dard for what a new CEO might re­ceive. Those op­tions are on­ly valu­able if Il­lu­mi­na’s stock climbs past $330.25, with shares cur­rent­ly trad­ing around $205.

Ic­ahn isn’t pleased. Il­lu­mi­na’s stock has fall­en by about 60% from its high in 2021, and Ic­ahn has seized on­to deS­ouza’s pay jump­ing about 87% from a year pri­or, de­spite the com­pa­ny’s messy an­titrust bat­tle in ac­quir­ing the blood test­ing start­up Grail.

“Il­lu­mi­na’s board amaz­ing­ly jus­ti­fied Mr. deS­ouza’s mas­sive pay in­crease by say­ing it was nec­es­sary due to the ‘high­ly com­pet­i­tive tal­ent en­vi­ron­ment,’” Ic­ahn wrote in an April 3 let­ter to Il­lu­mi­na share­hold­ers. “For once we are in com­plete agree­ment with this board. It is prob­a­bly im­pos­si­ble to find a CEO can­di­date ‘tal­ent­ed’ enough to lose $50 bil­lion of share­hold­er val­ue in this short a pe­ri­od.”

The May 25 share­hold­er vote will de­ter­mine whether deS­ouza stays on the board. Il­lu­mi­na has said Ic­ahn’s pro­posed ad­di­tions to the board lack the “rel­e­vant skills and ex­pe­ri­ence.”

#12: Bio­gen for­mer CEO Michel Vounatsos — $26,625,221

Michel Vounatsos re­ceived a sev­er­ance pack­age of near­ly $9 mil­lion on his way out the door last No­vem­ber, in ad­di­tion to his year­ly salary and over $15 mil­lion in stock awards.

Over­all, the CEO role has cost Bio­gen more than $50 mil­lion be­tween the de­par­ture of Vounatsos and the hir­ing of Viehbach­er, as the Cam­bridge-based biotech joins Seagen in hav­ing two CEOs on the high­est-paid list.

#13: Ab­b­Vie CEO Richard Gon­za­lez — $26,287,185

Richard Gon­za­lez has spent a decade lead­ing Ab­b­Vie, re­cent­ly open­ing up about his po­ten­tial suc­ces­sion plans af­ter its best-sell­ing drug Hu­mi­ra ful­ly moves to biosim­i­lar com­pe­ti­tion in the US. His 2022 pay pack­age jumped near­ly $3 mil­lion from last year, sur­pass­ing $26 mil­lion in 2022.

Most of Gon­za­lez’s pay came in eq­ui­ty that will vest based on the com­pa­ny’s per­for­mance, as judged by earn­ings per share, rel­a­tive to­tal stock­hold­er re­turn, and the com­pa­ny’s re­turn on in­vest­ed cap­i­tal. Gon­za­lez al­so racked up $848,143 in costs from non-busi­ness air trav­el and ser­vices, ac­cord­ing to its proxy fil­ing.

#14: Anap­tys­Bio in­ter­im CEO Daniel Fa­ga — $24,440,350

Anap­tys­Bio is the small­est com­pa­ny mak­ing the high­est-paid CEO list, com­mand­ing a mar­ket cap­i­tal­iza­tion of about $500 mil­lion. The San Diego-based biotech ap­point­ed Daniel Fa­ga as its in­ter­im CEO in March 2022. Fa­ga has pre­vi­ous­ly served as Mi­rati Ther­a­peu­tics’ chief op­er­at­ing of­fi­cer and Spark Ther­a­peu­tics’ chief busi­ness of­fi­cer.

While Fa­ga still holds the in­ter­im ti­tle, Anap­tys­Bio’s board paid him like a per­ma­nent CEO with a first-year pay pack­age val­ued at $24.4 mil­lion. $23.5 mil­lion of that came in re­strict­ed stock that will vest in March 2024.

A spokesper­son said Fa­ga was cho­sen to “lead a ma­jor tran­si­tion for the com­pa­ny,” with the eq­ui­ty awards re­in­forc­ing “a com­mit­ment to ob­jec­tive­ly as­sess the state of Anap­tys­Bio’s port­fo­lio and ex­pe­di­ent­ly rec­om­mend and ex­e­cute on an in­vest­ment and di­vest­ment strat­e­gy.”

#15: Gilead Sci­ences CEO Daniel O’Day — $21,621,253

Daniel O’Day’s pay pack­age fol­lows the stan­dard of many drug­mak­ing gi­ants: a sev­en-fig­ure base salary paired with a mul­ti­mil­lion-dol­lar bonus and over $10 mil­lion in eq­ui­ty awards.

Gilead’s com­pen­sa­tion com­mit­tee set O’Day’s bonus based on a mix of rev­enue and in­come met­rics, as well as spe­cif­ic clin­i­cal and com­mer­cial mile­stones, like aim­ing to add five new drugs to the pipeline (Gilead added nine last year) or achiev­ing 46.3% of US ex­it share with its HIV drug Bik­tarvy (Gilead achieved 45.2%). All told, O’Day took home a $4.7 mil­lion bonus along with over $14 mil­lion in eq­ui­ty.

#16: Am­gen CEO Bob Brad­way — $21,399,733

Am­gen’s CEO pay­day looks quite sim­i­lar to Gilead and oth­er large bio­phar­mas. Stock awards made up rough­ly three-quar­ters of Bob Brad­way’s pay, with the com­pen­sa­tion com­mit­tee de­ter­min­ing Am­gen out­per­formed on mea­sures like rev­enue and in­come to es­tab­lish a $3.12 mil­lion bonus.

#17: Eli Lil­ly CEO David Ricks — $21,398,135

Eli Lil­ly has been on an ex­tra­or­di­nary run, shed­ding its past of be­ing a qui­eter, in­sulin-fo­cused phar­ma. Its stock has climbed over 400% over the past five years, with its $415 bil­lion mar­ket cap ri­val­ing John­son & John­son as the world’s largest drug com­pa­ny.

CEO David Ricks earned a $21.4 mil­lion pay pack­age in 2022, with just un­der $17 mil­lion com­ing in stock awards. Ricks has been at the In­di­anapo­lis-based drug­mak­er for over 25 years, as­cend­ing to the CEO spot in 2017.

#18: CRISPR Ther­a­peu­tics CEO Samarth Kulka­rni — $20,734,359

CRISPR Ther­a­peu­tics is lead­ing the gene edit­ing field, as its Ver­tex-part­nered gene edit­ing pro­gram in sick­le cell dis­ease is the first CRISPR ther­a­py to be re­viewed by the FDA.

Ahead of that mile­stone, CEO Samarth Kulka­rni took in a pay pack­age of near­ly $21 mil­lion, in­clud­ing over $19 mil­lion in stock and op­tions. His pay pack­age in­clud­ed 25,000 re­strict­ed shares that vest over three years, grant­ed in Au­gust 2022 by the board to re­tain cer­tain ex­ec­u­tives.

#19: Zai Lab CEO Saman­tha Du — $20,212,141

The $3.1 bil­lion Chi­na- and Cam­bridge, MA-based biotech Zai Lab was found­ed by Saman­tha Du in 2014, and Du has served as the found­ing CEO since. Her 2022 com­pen­sa­tion was pri­mar­i­ly made up of eq­ui­ty through a mix of time-based op­tions and re­strict­ed shares that vest over sev­er­al years.

Zai’s board grant­ed a re­ten­tion award worth about $8 mil­lion in June 2022 “in light of strong com­mit­ment and per­for­mance in the face of chal­leng­ing mar­ket con­di­tions and geopo­lit­i­cal un­cer­tain­ty we have faced as a cross-bor­der com­pa­ny, which con­di­tions and un­cer­tain­ty have ad­verse­ly im­pact­ed share price and em­ploy­ee re­ten­tion.”

Zai’s stock has fall­en by over 80% from its 2021 highs.

#20: Bris­tol My­ers Squibb CEO Gio­van­ni Caforio — $20,053,032

​​Round­ing out the list is Gio­van­ni Caforio, who is prepar­ing to re­tire lat­er this year af­ter more than two decades at Bris­tol My­ers, in­clud­ing the last eight years as CEO.

Caforio made just over $20 mil­lion in 2022, with eq­ui­ty mak­ing up a bulk of his com­pen­sa­tion. Un­like oth­er com­pa­nies, Bris­tol My­ers hasn’t award­ed stock op­tions to ex­ec­u­tives in over a decade, be­sides those that joined from Cel­gene and con­vert­ed ex­ist­ing op­tions over. Caforio’s stock pack­age was made up of re­strict­ed stock that’s de­pen­dent on fi­nan­cial goals and the rel­a­tive stock per­for­mance over a three-year pe­ri­od.