Sepracor CEO Got 44% Raise as He Planned 940 Layoffs

Sepracor began the year by announcing the layoffs of about 940 staff — 530 of its own reps and execs and 410 contract reps. But the pain wasn’t felt equally at Sepracor. Top management at the company saw their total compensation rise a combined 20 percent to $23 million.

CEO Adrian Adams (pictured) saw his pay jump 44 percent from $4.5 million to $6.5 million. Former chairman Timothy Barberich saw his total compensation go up 22 percent from $4.9 million to $6 million.

Here’s the summary table:

• Name, 2008 pay, 2007 pay
• CEO Adrian Adams, $6.5 million, $4.5 million
• Ex-chairman Tim Barberich, $6 million, $4.9 million
• Ex-CFO David Southwell, $898,000, $2.2 million
• EVP R&D Mark Corrigan, $3.1 million, $3.5 million
• General counsel Andrew Koven, $2 million, $1.4 million
• CFO Robert Scumaci, $2.3 million, $1.9 million
• CCO Mark Iwicki, $1.9 million, $494,000
  Numbers are rounded, compensation includes stocks and options whose value changes over time.

The management at Sepracor were rewarded for their revenue and net income performance. Full-year 2008 revenues increased 5.5% to $1,292.3 million vs. $1,225.2 million for full-year 2007. Net income was $515 million vs. $58 million in 2007.

Barberich started 2009 rolling in cash. According to the Boston Business Journal, he sold $8.7 million in stock in March.

• See previous BNET stories on pharma executive compensation:
• Medicis Doubled Pay of Exec Convicted of Off-Label Sales
• Elan CEO Martin’s Pay Cut by Half
• Mylan Execs Get 41% Raise; CEO Takes Company Jet on Vacation for “Security” Reasons
• Valeant Executive Pay Doubles to $19.7 Million Despite Quadrupling of Company’s Losses
  
• Shire CEO Compensation Report Successfully Conceals CEO Compensation
• BMS Execs Get Cash Not to Ride Private Jets; 61% Pay Raise to $59 Million
• Allergan CEO Pyott Received Pay Raise to $11.9 Million
• 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
  
• 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)
• As Layoffs Begin, Wyeth Execs Get $75 Million Severance Package
• How Pharma’s CEO Pay Packages Measure Up