Many people have faced financial hardships since the beginning of the coronavirus pandemic. But with the demand for an effective vaccine, many pharmaceutical companies (particularly their executives) have benefited.
One example of this is Pfizer Inc.’s CEO Albert Bourla, who earned $24.3 million from his position in 2021. As per CNBC, Pfizer’s profits doubled last year due to the success of the COVID vaccine roll-out. This allowed the CEO to earn 15% more than he did the previous fiscal year.
CNBC broke down Bourla’s total compensation for 2021:
- $13.2 million in stocks and options
- $1.69 million for his annual salary
- $8 million in a cash incentive
- $1.38 million in compensation
- $336,000 for home security
- $60,000 for travel
The chairman’s salary is reportedly 26 times greater than the average employee working at Pfizer. Bourla also owns almost 597,000 shares in the company, valued at more than $32 million. Should the company sell and Bourla be replaced, he’s also entitled to $113 million.
Bourla, a trained veterinarian, originally joined Pfizer in 1993. He’s held various positions throughout the years, including chief operating officer.
Last month, it was reported that Pfizer’s operational growth was 92% higher in 2021 compared to 2020, resulting in $81.3 billion in profits. Comparatively, they only earned $41.7 billion in 2020. The company attributes its success largely to international sales of its coronavirus vaccine.
The company forecasts that its revenue will continue to grow this year, estimating it could make anywhere between $98 billion to $102 billion in 2022 alone.
The Pfizer vaccine has been widely available since last year. In the United States, anyone 16-years and older is eligible for the vaccine, while those between the ages of 5-15 are eligible based on an Emergency Use Authorization (EUA).
As per Yale Medicine, the vaccine was granted FDA authorization in December 2020 after it was proven to be 95% effective against coronavirus. It’s been determined that the protection of two doses can weaken over time, which is why a third booster dose has been recommended.
Recently, Bourla confirmed that research shows a fourth dose will also be necessary for full protection.
"Right now, the way that we have seen, it is necessary, a fourth booster right now. The protection that you are getting from the third, it is good enough, actually quite good for hospitalizations and deaths. It's not that good against infections," he said earlier this week .
Pfizer is currently developing a pill to treat coronavirus, known as Paxlovid. It’s expected the treatment will bring in at least $22 billion in initial revenues.
Sources: CNBC, Pharmaceutical Technology, Yale Medicine, CBS,
ncG1vNJzZmivp6x7tbTEq6CcoJWowW%2BvzqZmq6GTnXqxu9aeqZ%2BtnGS9p7XZnqlmm5WkeqK4wZ6prWWSpMKzuMBmaW1lnZ65rbXOp2Scp52lsq%2B%2FwK2gqKZdZ31zfY4%3D