2013 pay package: $6.5 million
2012 pay package: $6.8 million
2013 compensation: $1.2 million in salary; $1.8 million in stock awards; $1.9 million in option awards; $1.3 million in non-equity incentive plan compensation; a $113,810 change in pension value and deferred compensation earnings; $164,512 in other compensation
Mikael Dolsten, a 5-year Pfizer veteran who came aboard in the company's $68 billion acquisition of Wyeth, has watched his total compensation gradually slip over the last three years, a decline due largely to a decrease in cash incentive awards. In 2013, his bonus dipped another 4% despite hitting 100% of his targets, with 200% the specified maximum.
Running through Dolsten's 2013, the R&D chief presided over 7 Phase III starts, kicked off 10 proof-of-concept studies and signed 5 licensing deals. Pfizer ($PFE) picked up two FDA approvals--a supplemental OK for the pain drug Embeda and a new nod for the menopause treatment Duavee--and the company is moving toward three more applications with the Type 2 diabetes drug ertugliflozin, the PCSK9-blocking bococizumab and the cardiomyopathy therapy tafamidis.
But Dolsten and company's weightiest work falls to palbociclib, the breakthrough-designated star of Pfizer's pipeline that could find its way to an early FDA approval. The drug, which targets hormone receptor-positive metastatic breast cancer, has shown enough promise in mid-stage studies that Pfizer is submitting it to regulators based on Phase II data alone, a calculated gamble that could get palbociclib on the market a year ahead of schedule. If all goes according to plan, analysts estimates for Pfizer's prized cancer drug put its peak at as much as $6 billion a year.
Meanwhile, Pfizer has been steadily whittling away at its R&D budget, last year trimming another 11% to get down to $6.7 billion. The pharma colossus has built a bottom-line-focused reputation through asset sales, spinouts and site closures over the past few years.
- here's Pfizer's annual report
Special Report: The top R&D spenders in biopharma in 2013 - Pfizer: R&D gets smaller, simpler and not very exciting
Pfizer bets big on PCSK9 with 'massive' Phase III outcomes study
Post-restructuring, Pfizer R&D focused on its top blockbuster prospects
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