Scott Whitcup, Allergan ($AGN)
2012 pay package: $3.57 million
2011 pay package: $4.56 million
2012 Compensation: $620,000 in salary; $47,823 in stock; $2,066,320 in options; $452,600 in incentive pay; $345,812 in pension and/or deferred compensation; $37,539 in other compensation
Allergan has been hit by a series of setbacks this year. The company is desperately battling back against fast-approaching generic competition for Restasis, its best-selling eye drug. There was a losing patent fight in India for glaucoma products, and the FDA refused to approve a new migraine drug because of manufacturing issues--just after it bought the company that developed it for about $1 billion.
The bad news has definitely spread to R&D. Allergan slammed the brakes on two planned late-stage studies of a pair of key therapeutics--the vision-loss DARPin treatment for macular degeneration and the hair-loss drug bimatoprost, which needed a dosage boost--back in May, saying that investigators have to go back to the drawing board. And the sudden loss of credibility with investors bit into its share price.
What Allergan and Scott Whitcup have done very well is add new indications for Botox. The FDA just added an approval for crow's feet in addition to migraine and other indications, which are all on top of its classic wrinkle-removing claim to fame for frown lines.
Last year was a good one for Allergan, with a swelling bottom line that helped provide a big bonus for CEO David Pyott and enough good news to keep the R&D chief in the top 15--just barely.
An NIH vet, Whitcup has been EVP of R&D since mid-2004 and was named the CSO in 2009. He joined Allergan 13 years ago.
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-- John Carroll