Allergan CEO Pyott Received Pay Raise to $11.9 Million
Allergan CEO David Pyott received a 6 percent raise in total compensation last year, bringing his pay packet to $11.9 million. The top five executives of Allergan all got pay raises. Their total combined compensation rose 10 percent to $24 million.
Over the year, Allergan fared well. Revenues rose to $4.4 billion from $3.9 billion. Net income rose to $579 million from $501 million.
Business has started to dip more recently; 2008 Q4 sales were flat at just over $1 billion from the year before. Allergan is not likely to have a better year going forward — its portfolio of vanity products are the type of discretionary items that consumers cut back on in recessions.
Here’s a summary of Allergan’s executive compensation:
- Name, 2008 pay, 2007 pay
- CEO David Pyott, $11.9 million, $11.2 million
- CFO Jeffrey Edwards, $2.5 million, $2.1 million
- President F. Michael Ball, $3.7 million, $3.5 million
- General Counsel Douglas Ingram, $2.7 million, $2.5 million
- EVP/R&D Scott Whitcup, $2.8 million, $2.4 million
- Source: SEC, numbers are rounded.
The numbers include non-cash compensation such as stocks and options whose value changes over time.
Next year, Pyott (pictured) will take a cut in his base pay. The company told the SEC that his salary will decline to $1.3 million from $1.35 million.
- See previous BNET stories on pharma executive compensation:
- Abbott CEO White Takes a Pay Cut
- Gilead Executive Pay: Modest Raises for Outstanding Performance
- Gilead Deal Gives CV Therapeutics CEO $8.4 Million Payday Despite Lack of Profits
- Pfizer’s Kindler Got $4.2 Million Pay Raise, Despite What Business Press Says
- Pfizer Execs’ Golden Parachute Is Actually a Pay Cut
- Gilead Deal Gives CV Therapeutics CEO $8.4 Million Payday Despite Lack of Profits
- Genentech’s Levinson May Have No Change-of-Control Agreement in Roche Deal
- Amgen CEO Sharer: Options? No Thanks. I’ll Just Take the Cash.
- Schering CEO Hassan Has $59 Million Buyout Agreement in Merck Merger
- Merck Executive Pay: $36 million, Use of Private Jet, Cash Bonuses Despite Failures
- Eli Lilly Execs Receive $48 Million in Pay; Plus Chairman Taurel Adds $40 Million Nest Egg
- Novo Nordisk Executive Compensation: A Picture of Modesty (Except for the Car Expenses)
- How Pharma’s CEO Pay Packages Measure Up
Jim Edwards, a former managing editor of Adweek, has covered drug marketing at Brandweek for four years, and is a former Knight-Bagehot fellow at Columbia University's business and journalism schools. Follow him on Twitter or send him an email.
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