Mark Fishman, Novartis

2013 pay package: $7.5 million
2012 pay package: $8.8 million
Change: -7%
2013 compensation: $990,000 in salary; $866,300 in cash incentives; $5.2 million in long-term stock incentives; $244,152 in pension benefits; $208,836 in other benefits

Mark Fishman's year-over-year hit in total compensation is due almost entirely to a drop in future shares promised under a company savings plan--the Novartis Institutes for BioMedical Research president pulled in nearly $1 million under the program in 2012 but skipped out in 2013.

Otherwise, his pay mirrored his company's R&D budget: large and steadily growing. After Roche ($RHHBY), Novartis ($NVS) came through with the industry's second-largest research spend last year, putting roughly $9.9 billion into its ambitious pipeline of cancer therapies, cardio drugs and inflammation treatments.

Despite the recent spending spree, the Swiss drugmaker has never tended toward toward frivolity, and with its massive budget comes high expectations. Novartis expects to file four NMEs for approval this year--including the blockbuster-hopeful hypertension treatment LCZ696--plus 5 more new indications for on-the-market drugs. Between 2015 and 2017, the company plans to hand in 12 more new molecules, a class that features the breakthrough-designated orphan drug BYM338 and CAR-T therapy CTL019.

Through it all, Fishman has taken something of a hybrid approach to managing R&D productivity. The company has been trimming extraneous programs and adopting the en-vogue hub-based model of biopharma research but still gradually ticking up its annual spend toward $10 billion. Last year's R&D budget was 5% bigger than in 2012, and Novartis Chairman Joerg Reinhardt has signaled that his company intends to keep its foot on the gas.

- read Novartis' annual report (PDF)

For more:
Special Report: The top R&D spenders in biopharma in 2013 - Novartis: Going deeper into cancer drugs
Novartis beefs up its cancer immunotherapy pipeline with a biotech buyout
Novartis R&D axing 500 jobs, boosting Boston area in global realignment

Mark Fishman, Novartis
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