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Lilly Execs Get
$48M in 2008 in Spite of $2B Loss ALLIANCE FOR HUMAN RESEARCH PROTECTION Promoting Openness, Full Disclosure, and Accountability http://www.ahrp.org and http://ahrp.blogspot.com
FYI
Wall Street bank executives are not the only robber barons who hand themselves millions of dollars in bonuses for poor performance and shrinking revenues.
FierceFarma, a daily newsletter monitoring the pharmaceutical industry and FDA developments, reports that Eli Lilly's top executives gave themselves $48 million in bonuses in 2008--a year in which the company posted a $2.07 billion loss.
Lilly's CEO, John Lechleiter, took $13 million--as did chairman emeritus Sidney Taurel, who was the CEO during much of the Zyprexa scandal, plus he gets a $40 million retirement package!!.
As Philip Dawdy, FuriousSeasons reminds us, Lechleiter was the Lilly exec who in 2003 reportedly pushed for the company to market Zyprexa off-label to kids. It's only fitting that he's paid so well. <http://www.furiousseasons.com/archives/2008/03/the_zyprexa_chronicles_incom ing_lilly_ceo_allegedly_pushed_for_offlabel_marketing_of_zyprexa_for_kid.htm l>
More to flollow about Lilly's blockbuster antipsychotic, Zyprexa, the obesity / diabetes inducing drug...
Contact: Vera Hassner Sharav veracare@ahrp.org 212-595-8974
http://www.fiercepharma.com/story/lilly-execs-pull-down-48m/2009-02-11 FiercePharma
Lilly execs pull down $48M By tracy Feb 11 2009
It's that time of year again: CEO salary time, when we gather round the water cooler to ooh and ahh over our bosses' paychecks. Today, it's Eli Lilly workers who'll have that privilege, thanks to the Indianapolis Star. The top six execs at Lilly garnered $48 million in pay last year, the Star reports.
Who got a raise? CEO John Lechleiter (photo [1]), for one; he took in $13 million last year, up 39 percent from 2007. Of that, $1.34 million was base salary, which bumped up by 17 percent from last year. And he's been CEO only since April. Chairman emeritus Sidney Taurel (photo [2]) also got $13 million, in addition to the $40 million retirement package that awaits him.
Lilly's board gave Lechleiter credit for snatching ImClone Systems [3] out from under Bristol-Myers Squibb's nose in a $6.3 billion buyout. Directors also praised him for the company's operational results: sales grew 9 percent to $18.6 billion, and though the company posted a $2.07 billion loss, that was largely because of ImClone acquisition expenses.
- see the BNet Pharma story [4]- get more [5] from the Indianapolis Star - read the AP story [6] on Taurel's retirement
Related Articles: CEO Pay: Who makes what in Big Biotech? [7] Top paychecks in Big Pharma [8] Eli Lilly and ImClone - Top 10 deals of 2008 [9] Eli Lilly - Biotech market share report [10] Lilly's Lechleiter: 'We're a biotech' [11]
Links: [1] http://www.fiercebiotech.com/pages/eli-lilly-ceo-john-c-lechleiter [2] http://www.fiercepharma.com/special-reports/eli-lillys-sidney-taurel-ceo-pay ?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FP0 [3] http://www.fiercepharma.com/story/lilly-nabs-imclone-6-5b-deal/2008-10-06 [4] http://industry.bnet.com/pharma/1000955/eli-lilly-execs-receive-48-million-i n-pay-plus-chairman-laurel-adds-40-million-nest-egg/ [5] http://www.indystar.com/article/20090206/BUSINESS03/902060327 [6] http://www.google.com/hostednews/ap/article/ALeqM5hREwUMMoG--vMzxhUhDl9ZquDy 8AD965MU780 [7] http://www.fiercebiotech.com/special-reports/ceo-pay-who-makes-what-big-biot ech [8] http://www.fiercepharma.com/special-reports/top-17-paychecks-big-pharma [9] http://www.fiercebiotech.com/special-reports/eli-lilly-and-imclone-top-10-de als-2008 [10] http://www.fiercebiotech.com/special-reports/eli-lilly-biotech-marketshare-r eport [11] http://www.fiercepharma.com/story/lilly-s-lechleiter-we-re-a-biotech-/2008-0 3-31
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