Pfizer CEO Albert Bourla received $24.3 million in total compensation for 2021
After a visit by the CEO of Pfizer, Albert Bourla speaks at a conference. He was there to supervise the production of Pfizer-BioNtech’s COVID-19 vaccine in the Puurs factory. This took place on April 23, 2021.
Reuters| Pool | Reuters
Albert Bourla from Pfizer was awarded $24.3million in total compensation to 2021. That’s a 15% rise over the year before. It comes as a result of Pfizer’s successful rollout Covid vaccine, which saw the full-year profit increase by more than doubling.
Bourla received a cash incentive worth $8 million in addition to his $1.69million salary. Bourla also received $13.2 million worth of stock options and $1.38million in other compensation.
Bourla has a total of nearly 597,000 equity shares. They are valued at more than $32million as of Thursday’s close price of $54.24. If the company goes under, Bourla will be entitled to a $113 million golden parachute if he is fired.
Bourla received over $336,000 in home security, and more $60,000 for travel. He earns 262 times more than the average compensation of an employee at Pfizer.
Pfizer reported a nearly $22Billion profit for 2021. That’s more than double what it had recorded the year before. The company’s Covid vaccine was the most popular shot against in the U.S.A. and in Europe. Pfizer’s Covid vaccination sales accounted for about 45% in its $81.2 billion annual revenue. They made $36.7 billion of that amount. Pfizer projects that it will sell an additional $32 billion worth of vaccines in 2019.
This shot was created with BioNTechThe vaccine’s technology was developed by BioNTech, the German company that it shares with. Pfizer shares the profit from vaccine equally with BioNTech.
Pfizer was the first company to get emergency approval for the Covid vaccine from the Food and Drug Administration. In December, it also received full FDA approval. Everyone over 5 years old is now eligible.
The success of Pfizer’s Covid pill Paxlovid (a Covid-based treatment), is expected. Pfizer expects to make at least $22 Billion in annual sales.
Activist groups are not happy with the vaccine manufacturer’s profits from these shots. They are asking for companies to make their intellectual property available to developing countries to increase vaccination coverage. Oxfam America has proposed that shareholders support a feasibility study to transfer the vaccine technology.
Pfizer’s board has called for shareholders to oppose the proposal. It stated that the transfer of the technology behind these shots is possible only if there are highly skilled local partners who have the knowledge and know-how to make them. Pfizer has pledged to supply 2 billion doses of vaccines to the poorer countries by 2022.