2014 pay package: $7.1 million
2013 pay package: $3.7 million
2014 compensation: $875,000 in salary; $3.5 million in stock awards; $1.7 million in nonequity incentive pay; $782,167 in pension contributions and deferred compensation earnings; and $194,805 in other compensation
If you're angling for a raise in biopharma, it probably helps to be able to say you played a lead role in the development of a game-changing cancer therapy. It certainly worked for Bristol-Myers Squibb's ($BMY) Francis Cuss, who saw his total compensation almost double in 2014 as the company launched Opdivo, an immuno-oncology treatment poised to lead a multibillion-dollar market.
Bristol-Myers upped Cuss' incentive pay by 225% over 2013, a reward for Opdivo's speedy development, the successful launch of new Phase III trials and the signing of a slew of business development deals, according to the company. Cuss is also credited with "creating a flatter, more accountable R&D organization, simplifying governance and accelerating key programs."
As to that flattening, Bristol-Myers is in the midst of a transformation in its R&D organization, announcing plans this summer to shutter a pair of outposts and open a new research hub in Cambridge, MA, moves that will cut about 100 jobs and relocate roughly 700.
The company's overarching goal is a familiar one among major drugmakers: abandoning far-flung R&D facilities in favor of building around existing clusters of innovation. Bristol-Myers believes it can accelerate discovery and development by tapping into global networks of research prowess, and beyond its efforts in Cambridge, the company is expanding in the Bay Area.
Meanwhile, Cuss and his team remain fast at work to expand approved indications for Opdivo, already cleared for skin and lung cancers, in a process that includes dozens of studies testing how well the antibody can pair with other therapies in treating more and more cancers.
The company has curtailed its work in virology after some quixotic stabs at development but is pressing forward with a combination treatment for hepatitis C. And, alongside partner AbbVie ($ABBV), Bristol-Myers is pressing through late-stage development with the multiple myeloma treatment elotuzumab.
- here's the proxy (PDF)
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