What did Big Pharma CEOs get paid in 2023? : Novartis & Roche..(II)

 

Novartis

Novartis CEO Vas Narasimhan received 13.3 Swiss Francs (CHF) — or $15.3 million — in total compensation last year, up 21% from 2022.

Narasimhan has guided Novartis through a series of major business developments over the course of his multi-year tenure, including the spinoff of Sandoz last year and the ongoing $1.5 billion cost-cutting effort.

More recently, the company bought German cancer biotech MorphoSys AG for $2.9 billion.

This came one week after it released its latest financials, including an earnings miss per consensus analyst expectations for Q4 2023.

Novartis’ quarterly core EPS was $1.53 and net sales totaled $11.4 billion, both year-over-year increases, though below analyst estimates. The drugmaker’s operating income for the quarter hit $2.5 billion, up 47% year-over-year, while its net income reached $2.6 billion, up 101%.

Roche

Meanwhile, Roche CEO Thomas Schinecker received 9.6 million CHF — $11 million — in total compensation during his first year at the helm of the Swiss healthcare giant.

One highlight from Schinecker’s brief time at the top post was Roche’s nearly $3 billion acquisition of Carmot Therapeutics at the end of the year to make a splash in the increasingly lucrative GLP-1 drug market.

All together, the four other members of Roche’s corporate executive committee received 4.8 million CHF in base pay and 6.2 million CHF in bonuses.

Schinecker’s pay was disclosed around the time of Roche’s latest earnings report, which showed that the company’s profit and sales dropped during 2023.

Though group sales rose 1% at CER, they fell 7% in CHF. The company’s core operating profit fell as well, down 1% at CER and 13% in CHF.

As for the future, Roche said it expects an increase in group sales in the mid-single-digit range at CER, with core earnings per share in line with sales growth at CER, excluding the impact from resolution of tax disputes in 2023

Ver