Tuesday, May 04, 2021

Profiting from the Pandemic

 AstraZeneca's chief executive, Pascal Soriot, is to receive a big increase in bonuses. It will raise the maximum share bonus Soriot can receive under a long-term plan from 550% of his £1.3m base salary to 650%. AZ also plans to hoist Soriot’s maximum annual bonus to 250% of salary from 200%, depending on performance targets being hit. Soriot has been paid more than £15m in each of the last two years.

Prof Sarah Gilbert, the scientist who led the team that created the Oxford/AstraZeneca coronavirus vaccine, could receive more than £20m from her 5.2% stake in a biotech firm she co-founded, which is preparing to float on the stock market in the US.

Stéphane Bancel, the chief executive of the Covid vaccine maker Moderna, is now worth close to $5bn as a result of his 8% stake in the biotech firm, after the shares soared more than 500% over the past year.

Pfizer has smashed its sales forecasts and now expects to bring in $26bn (£19bn) of revenue from its Covid-19 vaccine this year, with its soaraway product accounting for more than a third of the company’s annual income. The company had expected the vaccine to bring in $15bn over the course of 2021, and the 73% increase in expected revenues to $26bn is still likely to be an underestimate as it counts only orders received by the middle of April and Pfizer is expected to sign more multibillion dollar supply contracts.

‘Obscene’ bonus hike for AstraZeneca boss prompts investor anger | AstraZeneca | The Guardian

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