Mikael Dolsten, Pfizer

Mikael Dolsten, Pfizer ($PFE)
2012 Pay Package: $6.84 million
2011 Pay Package: $6.98 million
Change: -2%
2012 Compensation: $1.12 million in salary; $1.78 million in stock awards; $1.8 million in option awards; $1.4 million in incentive pay; $641,703 in pension growth and deferred compensation; $96,752 in other compensation

With a Ph.D. in tumor immunology and M.D. from the University of Lund in Sweden, Mikael Dolsten was senior vice president of Wyeth and president of Wyeth Research before Pfizer bought that company in 2009. After the merger, Dolsten became president of Pfizer's BioTherapeutics R&D. He took over as worldwide R&D president in 2010.

Once the biggest R&D spender in the business, Pfizer has radically restructured its budget. By the end of 2012, Pfizer had slashed its annual research spending rate to under $7 billion, far below the $9 billion spent in 2011. At the same time, the company built up its roster of new drugs. Pfizer won 5 new FDA approvals last year, notably for Eliquis, a clot-fighting alternative to warfarin; Xeljanz, a first-in-class therapy for rheumatoid arthritis; and Bosulif, a treatment for chronic myeloid leukemia. The year was far from perfect, however; Pfizer gave up on bapineuzumab, the Alzheimer's drug it was developing with Johnson & Johnson ($JNJ) and Elan ($ELN), after the drug failed two big late-stage trials. 

Once known as one of the most indulgent partners in the business, with the fattest checkbook for deals, Pfizer has become a notably picky buyer in recent years as it narrowed its R&D focus, spinning off programs that no longer fit the new strategy. It's working hard on PCSK9 and still believes it has other programs that can deliver big sales.

For more:
Pfizer to split operations three ways
Pfizer unveils $100M Boston effort to spark R&D innovation
Pfizer on track to chop R&D budget back to $6.5-$7B range

-- Emily Mullin

Mikael Dolsten, Pfizer
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