Ian Read bags $19.5 mil­lion, tak­ing a big pay cut for his swan song as Pfiz­er CEO and leav­ing the phar­ma gi­ant at a cross­roads

Ian Read passed the CEO ti­tle on to his hand picked suc­ces­sor Al­bert Bourla at the be­gin­ning of this year, but not be­fore one last big haul of ex­ec­u­tive com­pen­sa­tion. His over­all num­ber came down sub­stan­tial­ly from 2017, large­ly due to a big drop in the stock op­tion col­umn, but he still scored $19.5 mil­lion for 2018 com­pen­sa­tion.

Read’s big re­tire­ment haul came in 2017, when he took home a chart-top­ping $27.9 mil­lion pay pack­age that in­clud­ed an $8 mil­lion bonus for stay­ing on an ex­tra year. His vic­to­ry lap at the phar­ma gi­ant came as the com­pa­ny was fac­ing a sea change in the in­dus­try, with a lid on an­nu­al price hikes and a shift to the in­ter­nal pipeline.

Alex Gorsky speaks dur­ing a meet­ing be­tween Pres­i­dent Trump and man­u­fac­tur­ing ex­ec­u­tives at the White House in Feb­ru­ary 2017 AP Pho­to

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His num­ber for 2018 leaves Read in the third place spot among Big Phar­ma pay pack­ages, right be­hind J&J’s Alex Gorsky, who al­so saw his pay plunge in a per­ilous year for the in­dus­try’s ma­jor league play­ers. They may earn top pay, but Big Phar­ma CEOs have a rep­u­ta­tion that makes the cor­ner used car sales­men look good in com­par­i­son.

Pfiz­er did man­age to scoop up a slate of new can­cer drug OKs to­ward the end of the year, but the com­pa­ny has tra­di­tion­al­ly re­lied on ac­qui­si­tions and port­fo­lio hikes to keep the num­bers tuned up for Wall Street an­a­lysts. One of those av­enues is be­ing shut down, leav­ing an­a­lysts guess­ing about what Pfiz­er will do with its big cash re­serve fire­pow­er.

Al­bert Bourla, the chief ex­ec­u­tive of­fi­cer of Pfiz­er, in New York City, Jan­u­ary 2019 Drew An­ger­er/Get­ty Im­ages

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The pay num­bers this year bode well for Bourla as he takes over the top spot at Pfiz­er. As COO he earned a much more mod­est $9.8 mil­lion in to­tal com­pen­sa­tion. That’s up $1 mil­lion from the year be­fore. R&D chief Michael Dol­sten, mean­while, bagged $7 mil­lion, down from $7.67 mil­lion.

The CFO Frank D’Ame­lio al­so came in for a bit of a trim, land­ing at $7.1 mil­lion, down $1.2 mil­lion from his 2017 com­pen­sa­tion. 


Fea­tured im­age: Ian Read at a pan­el dis­cus­sion in Wash­ing­ton, DC in Sep­tem­ber 2017 Bloomberg, Get­ty Im­ages

M&A: a crit­i­cal dri­ver for sus­tain­able top-line growth in health­care

2021 saw a record $600B in healthcare M&A activity. In 2022, there is an anticipated slowdown in activity, however, M&A prospects remain strong in the medium to long-term. What are future growth drivers for the healthcare sector? Where might we see innovations that drive M&A? RBC’s Andrew Callaway, Global Head, Healthcare Investment Banking discusses with Vito Sperduto, Global Co-Head, M&A.

15 LGBTQ lead­ers in bio­phar­ma; Paul Stof­fels’ Gala­pa­gos re­vamp; As­traZeneca catch­es up in AT­TR; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

A return to in-person conferences also marks a return to on-the-ground reporting. My colleagues Beth Synder Bulik and Nicole DeFeudis were on-site at Cannes Lions, bringing live coverage of pharma’s presence at the ad festival — accompanied by photos from Clara Bui, our virtual producer, that bring you right to the scene. You can find a recap (and links to all the stories) below.

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Abortion-rights protesters regroup and protest following Supreme Court's decision to overturn Roe v. Wade. (AP Photo/Gemunu Amarasinghe)

Fol­low­ing SCO­TUS de­ci­sion to over­turn abor­tion pro­tec­tions, AG Gar­land says states can't ban the abor­tion pill

Following the Supreme Court’s historic decision on Friday to overturn Americans’ constitutional right to an abortion after almost 50 years, Attorney General Merrick Garland sought to somewhat reassure women that states will not be able to ban the prescription drug sometimes used for abortions.

Following the decision, the New England Journal of Medicine also published an editorial strongly condemning the reversal, saying it “serves American families poorly, putting their health, safety, finances, and futures at risk.”

AstraZeneca's new Evusheld direct to consumer campaign aims to reach more immunocompromised patients.

As­traZeneca de­buts first con­sumer cam­paign for its Covid-19 pro­phy­lac­tic Evusheld — and a first for EUA drugs

AstraZeneca’s first consumer ad for Evusheld is also a first for drugs that have been granted emergency use authorizations during the pandemic.

The first DTC ad for a medicine under emergency approval, the Evusheld campaign launching this week aims to raise awareness among immunocompromised patients — and spur more use.

Evusheld nabbed emergency authorization in December, however, despite millions of immunocompromised people looking for a solution and now more widespread availability of the drug.

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Joe Papa (Ryan Remiorz/The Canadian Press via AP, File)

Joe Pa­pa re­signs as chair of Bausch Health as bil­lion­aire John Paul­son takes over

Joe Papa, chair of Bausch Health, officially resigned on Thursday and the board appointed billionaire hedge fund manager John Paulson as the new chair, effective immediately.

The specialty pharma company sought to make clear that Papa’s abrupt departure “was not due to any dispute or disagreement with the Company, its management or the Board on any matter relating to the Company’s operations, policies or practices.”

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GSK says its drug for chron­ic hep B could ‘lead to a func­tion­al cure’ — but will it be alone or in com­bi­na­tion?

GSK, newly branded and soon-to-be demerged, shared interim results from its Phase II trial on its chronic hepatitis B treatment, one that it says has the “potential to lead to a functional cure.”

At a presentation at the EASL International Liver Congress, GSK shared that in around 450 patients who received its hep B drug bepirovirsen for 24 weeks, just under 30% had hepatitis B surface antigen and viral DNA levels that were too low to detect.

De­spite a slow start to the year for deals, PwC pre­dicts a flur­ry of ac­tiv­i­ty com­ing up

Despite whispers of a busy year for M&A, deal activity in the pharma space is actually down 30% on a semi-annualized basis, according to PwC’s latest report on deal activity. But don’t rule out larger deals in the second half of the year, the consultants said.

PwC pharmaceutical and life sciences consulting solutions leader Glenn Hunzinger expects to see Big Pharma companies picking up earlier stage companies to try and fill pipeline gaps ahead of a slew of big patent cliffs. Though a bear market continues to maul the biotech sector, Hunzinger said recent deals indicate that pharma companies are still paying above current trading prices.

Joe Wiley, Amryt Pharma CEO

Am­ryt Phar­ma sub­mits a for­mal dis­pute res­o­lu­tion to the FDA over re­ject­ed skin dis­ease drug

The story of Amryt Pharma’s candidate for the genetic skin condition epidermolysis bullosa, or EB, will soon enter another chapter.

After the Irish drugmaker’s candidate, dubbed Oleogel-S10 and marketed as Filsuvez, was handed a CRL earlier this year, the company announced in a press release that it plans to submit a formal dispute resolution request for the company’s NDA for Oleogel-S10.

Sen. Thom Tillis (R-NC) (J. Scott Applewhite/AP Images)

Phar­ma-friend­ly sen­a­tor calls on FDA for a third time to show patent pro­tec­tions should­n't be blamed for high drug prices

North Carolina Republican Sen. Thom Tillis made a name for himself in the 2020 election cycle as the darling of the pharma industry, accepting hundreds of thousands in campaign contributions, even from the likes of Pfizer CEO Albert Bourla.

Those contributions have led Tillis to attempt to re-write patent laws in pharma’s favor, a move which failed to gain steam in 2019, and request for a third time since January that the FDA should help stop “the false narrative that patent protections are to blame for high drug prices.”