After another year leading California biotech giant Amgen, CEO Robert Bradway has millions more to show for it.
While his total 2022 pay slightly decreased from last year's $21.72 million haul, his salary grew by $50,000 to reach $1.72 million. In all last year, the CEO collected a pay package worth $21.4 million.
Breaking down his pay package, Bradway’s stock awards stayed stagnant at $11.14 million The same goes for his option awards, which came in at $4.77 million.
The CEO's "other" compensation fell 10% to $643,175. Bradway's use of the company's corporate aircraft totaled around $100,000, while Amgen's contributions toward his retirement plans came in at $514,005.
The largely flat numbers contrast from Bradway's pay jump in 2021. That year, Bradway nabbed a total compensation increase of 8%.
As for 2022, Amgen said in a proxy filing (PDF) that it bested its revenue target last year, generating $26.32 billion.
The company also made some big business development moves throughout the year. In August, Amgen put down $3.7 billion to acquire ChemoCentryx and its Tavneos, which treats rare autoimmune disease anti-neutrophil cytoplasmic antibody-associated (ANCA) vasculitis. The purchase gave Amgen an edge in inflammatory diseases, which is a key focus for the company.
Adding to 2022’s revenue haul for the company was the AstraZeneca-partnered launch for Tezspire, which scored FDA approval in late 2021 as an add-on maintenance treatment for severe asthma.
Then of course there was the company's late-2022 Horizon Therapeutics buyout. Amgen expects the nearly $28 billion purchase to start delivering returns in 2024.
The company scooped up Horizon late last year, taking home Horizon’s chronic gout drug Krystexxa, thyroid eye disease med Tepezza and neuromyelitis optica spectrum disorder treatment Uplizna. The Federal Trade Commission (FTC) was still scrutinizing the deal as of February, but the company is hopeful the deal can close in the first half of 2023.
Horizon’s CEO Tim Walbert will see huge returns with the deal. A major shareholder with 693,907 shares at the time of the deal, the rare disease CEO should net around $80.84 million when Amgen scoops up the shares at $116.50 per share. Plus, a “change in control” payment will equal around $55 million, including $9 million in cash, according to a January Horizon SEC filing.
Bradway’s 2022 pay fell largely in line with the industry’s other top dogs, if not higher in some cases. He nearly matched up to Gilead CEO Daniel O’Day’s $21.62 million, but outearned others such as Novartis’ Vas Narasimhan’s $8.98 million pay package. AbbVie’s CEO Richard Gonzalez collected $26.3 million last year, while J&J’s new chief Joaquin Duato nabbed around $13.1 million. Amgen’s CEO mirrored Eli Lilly’s David Ricks at $21.4 million in total compensation.