Any way you look at it, clearly he was overpaid. But, I guess that is not enough...rumors are he's getting another jet. Did you hear that, while budgets are being held tight and we are all expected to do more with less (we can all admit our budgets are way too high anyway), another jet is going to be purchased. Maybe he is jealous of Mylan's CEO, Robert Coury's use of a company jet for personal use. Oh, and to make numbers, they will simply raise the prices of drugs on the patients they care so dearly about. A joke and insult.
http://www.bnet.com/blog/drug-busin...-to-use-private-jet-for-personal-reasons/7841
So, at the end of the day, to make EPS and Wall Street happy, those at the top will simply fire staff if needed. Amgen used to be a company I respect (I don't work there anymore and in case you are wondering, I left on my own account), but now it is clear, there is no direction from their execs. Maybe, just maybe, BB and JP will turn the ship around, but I think they will have to wait until KS leaves.
Stock and option awards pushed Amgen Inc. Chairman and CEO Kevin Sharer's compensation up nearly 38 percent to $21.1 million in 2010.
Sharer, 62, has served as CEO of the Thousand Oaks-based biotech giant since May 2000. His base salary rose nearly 4 percent to about $1.75 million and his bonus of $3.6 million was about the same as the previous year, but his stock and option awards grew 65 percent to nearly $15 million last year, according to SEC filings.
His compensation includes perks such as $126,478 for the personal use of a company aircraft, $43,740 for personal use of a company car and driver, $15,000 for personal financial planning services, and $17,939 for expenses related to guests accompanying him on business travel.
Sharer's total compensation in 2009 was $15.3 million.
Amgen's 2010 revenue rose 2.8 percent over the prior year and its net income changed little at $4.6 billion. In 2010, the company's stock price fell 4.9 percent, based on the adjusted stock price at the start and end of the year. Amgen's stock fell 6 cents to $53.97 Thursday.
Last year, Amgen launched two potential blockbuster drugs: Prolia, for the treatment of post-menopausal women with osteoporosis; and Xgeva, for treating cancer patients. Both contain the same active ingredient (denosumab) but are approved for different indications.
Xgeva sales for 2010 were $8 million and Prolia's were $33 million. Amgen's total product sales were $14.66 billion in 2010, up 2 percent from 2009.
SEC filings showed that several other top executives also saw notable increases in their total compensation in 2010: Robert Bradway, former chief financial officer who now is President and Chief Operating Officer, up 51 percent to $7.8 million; Fabrizio Bonanni, executive vice president of Operations, up 66.8 percent to $8.2 million; George Morrow, executive vice president of Global Commercial Operations, up 14 percent to $6.5 million; and Roger Perlmutter, executive vice president of Research and Development, up 18 percent to $6.3 million.
Two other top executives had compensation listed for only 2010: Jonathan Peacock, executive vice president and chief financial officer, $10.95 million; and Michael Kelly, former acting chief financial officer who now is vice president of International Finance, $3.8 million.
Amgen's Compensation Committee met nine times in 2010, according to the company's SEC filings.
Committee members include: Jerry D. Choate, once the CEO of The Allstate Corp.; Frank C. Herringer, once the CEO of Transamerica; Leonard D. Schaeffer, once the CEO of WellPoint Health Networks; Ronald D. Sugar, once the CEO of Northrop Grumman Corp.; and Frederick W. Gluck, who founded Cytomx LLC, a biotechnology therapeutic company.
Stock and option awards pushed Amgen Inc. Chairman and CEO Kevin Sharer's compensation up nearly 38 percent to $21.1 million in 2010.
Sharer, 62, has served as CEO of the Thousand Oaks-based biotech giant since May 2000. His base salary rose nearly 4 percent to about $1.75 million and his bonus of $3.6 million was about the same as the previous year, but his stock and option awards grew 65 percent to nearly $15 million last year, according to SEC filings.
His compensation includes perks such as $126,478 for the personal use of a company aircraft, $43,740 for personal use of a company car and driver, $15,000 for personal financial planning services, and $17,939 for expenses related to guests accompanying him on business travel.
Sharer's total compensation in 2009 was $15.3 million.
Amgen's 2010 revenue rose 2.8 percent over the prior year and its net income changed little at $4.6 billion. In 2010, the company's stock price fell 4.9 percent, based on the adjusted stock price at the start and end of the year. Amgen's stock fell 6 cents to $53.97 Thursday.
Last year, Amgen launched two potential blockbuster drugs: Prolia, for the treatment of post-menopausal women with osteoporosis; and Xgeva, for treating cancer patients. Both contain the same active ingredient (denosumab) but are approved for different indications.
Xgeva sales for 2010 were $8 million and Prolia's were $33 million. Amgen's total product sales were $14.66 billion in 2010, up 2 percent from 2009.
SEC filings showed that several other top executives also saw notable increases in their total compensation in 2010: Robert Bradway, former chief financial officer who now is President and Chief Operating Officer, up 51 percent to $7.8 million; Fabrizio Bonanni, executive vice president of Operations, up 66.8 percent to $8.2 million; George Morrow, executive vice president of Global Commercial Operations, up 14 percent to $6.5 million; and Roger Perlmutter, executive vice president of Research and Development, up 18 percent to $6.3 million.
Two other top executives had compensation listed for only 2010: Jonathan Peacock, executive vice president and chief financial officer, $10.95 million; and Michael Kelly, former acting chief financial officer who now is vice president of International Finance, $3.8 million.
Amgen's Compensation Committee met nine times in 2010, according to the company's SEC filings.
Committee members include: Jerry D. Choate, once the CEO of The Allstate Corp.; Frank C. Herringer, once the CEO of Transamerica; Leonard D. Schaeffer, once the CEO of WellPoint Health Networks; Ronald D. Sugar, once the CEO of Northrop Grumman Corp.; and Frederick W. Gluck, who founded Cytomx LLC, a biotechnology therapeutic company.
This is shameful and am embarrassment. When other staff only saw increases in pay of 2.5 - 5%, maybe 6%
This is shameful and am embarrassment. When other staff only saw increases in pay of 2.5 - 5%, maybe 6% and bonuses ranging from 15%+, these men hoarded the chests and had the audacity to use corporate assets for personal use. Can anyone justify their significant increases in pay? Production has plants at 50% capacity or less, the pipeline is marginal, and internal financial processes and controls are atrocious (if you are a supplier, how long does it take you to get paid?). Not to mention, sales increased due to the fact the company raised prices on drugs.
Amgen will start to lose good people and in fact has already done so.
Congratulations, you have officially become "Merck'd" (pre-Vioxx) or "Pfizer'd" (use whichever one you like); demise is soon to come.
