Celgene CEO Sol J. Barer's compensation falls 49 percent
NEW YORK—Celgene Corp. Chairman and Chief Executive Sol J. Barer's executive compensation fell 49 percent in 2007, due to a drop in awards of stock options and restricted stock.
According to a Tuesday filing with the Securities and Exchange Commission, Barer received just over $8.4 million in total compensation in 2007, compared with just under $16.5 million in 2006.
In 2007, he received $833,333 in salary, about $2.2 million in non-equity incentive plan compensation and $181,417 in other compensation, consisting mainly of matching contributions received under the company's deferred compensation plan.
The bulk of Barer's pay came in the form of restricted stock units and stock options with an estimated value of $5.09 million on the day they were granted last year. That marked a sharp decline from $13.6 million a year before.
The Associated Press' calculations of total pay include executives' salary, bonus, incentives, perks, and the estimated value of stock options and awards granted during the year. The calculations do not include changes in the present value of pension benefits.
The decline in Barer's compensation came during a year of surging profit and revenue for the biotechnology company, though shares fell 19 percent to close the year at $46.21. In 2007, profit more than tripled to $226.4 million from $69 million in 2006. Revenue jumped 60 percent to $1.3 billion on a surge in sales of the cancer drug Revlimid.
Shares of Summit, N.J.-based Celgene fell 95 cents to close at $63 Tuesday.
