By M. Balbali

 The pharmaceutical industry is a powerhouse of innovation, churning out life-saving drugs and treatments. But who steers the ships of these billion-dollar companies? This report dives into the world of pharmaceutical CEOs, revealing the top ten highest earners in the industry. Are these leaders truly earning their keep, or are these payouts simply a product of a system skewed towards the top?

No1: Joaquin Duato

Company: Johnson & Johnson 

Pay: $28.4 million 


Joaquin Duato, born in April 1962, is a seasoned business leader with a truly global perspective. He holds dual citizenship in Spain and the United States, reflecting his international upbringing and experience. His educational background is also impressive, including an MBA from ESADE Business School in Barcelona and a Master of International Management from the Thunderbird School of Global Management in Arizona.

Duato's career path is extensive, with nearly 35 years of experience (as of 2024). Before his current position as Chairman and CEO of Johnson & Johnson (since January 2022), he held various leadership roles within the company. Notably, he served as Vice Chairman of the Executive Committee, overseeing the pharmaceutical and consumer health businesses alongside the technology and global supply chain teams. These experiences demonstrate his well-rounded understanding of the healthcare industry.



No2: David Ricks

Company: Eli Lilly

Pay: $26.6 million 


Dave Ricks is chair and chief executive officer of Eli Lilly and Company. A Lilly veteran for more than 25 years, with experience in marketing, sales, drug development and international operations, Dave became CEO in January 2017 and was elected chair of the company’s board of directors effective June 2017.


Dave joined Lilly in 1996 as a business development associate and held several management roles in U.S. marketing and sales before moving into international leadership positions. He led Lilly’s operations as general manager in Canada and China – one of the world’s fastest-growing emerging markets – and then returned as president of Lilly USA, the company’s largest affiliate. In 2012, Dave was promoted to president of Lilly Bio-Medicines, then the company’s largest business unit, overseeing drug development and commercial operations in neuroscience, pain and immunology.


No.3: Richard Francis

Company: Teva Pharmaceuticals

Pay: $25.71 million 


As Chief Executive Officer, Richard Francis is leading Teva to a new strategic path for growth by driving great science from the clinic to the patient to provide life-changing medications around the world. Mr. Francis assumes the role of Teva CEO with a compelling track record of growing businesses in the life sciences, biologics and generic drug sectors and is known for his entrepreneurial and pragmatic leadership style. He is passionate about people and culture and has a reputation for building talented teams that achieve remarkable results.

Mr. Francis brings over two and a half decades of experience to his position, including five years as the Chief Executive Officer of Sandoz and a member of the Novartis Executive Team. Prior to that, Mr. Francis also spent 13 years as a senior executive at Biogen where he led the U.S. business through multiple successful commercial launches, including Tecfidera® to treat relapsing multiple sclerosis in 2013. Before joining Teva, Mr. Francis served as an operating Partner at Syncona and the Chief Executive Officer of Syncona’s portfolio companies - Forcefield Therapeutics, a pioneer of best-in-class therapeutics to protect heart function, and Purespring Therapeutics, an innovative gene therapy company. 


No.4: Richard Gonzalez

Company: AbbVie

Pay: $25.7 million 


Richard A. Gonzalez is Chairman of the Board and Chief Executive Officer of AbbVie, a global biopharmaceutical company that employs more than 50,000 people worldwide and has provided innovative medicines and products to more than 50 million people in 175 countries.

Mr. Gonzalez is AbbVie’s founding CEO, having led the company since its inception in 2013. Prior to AbbVie, Mr. Gonzalez was a 30-year veteran at Abbott. He served as President and Chief Operating Officer of Abbott before briefly retiring in 2007. He also held various senior leadership positions in Abbott’s medical products businesses, including President and Chief Operating Officer of the Medical Products Group; Senior Vice President and President of the former Hospital Products Division; Vice President and President of the Health Systems Division; and Divisional Vice President and General Manager for Diagnostics Operations in the United States and Canada.


No.5: Daniel O’Day

Company: Gilead Sciences 

Pay: $22.5 million 



Daniel O'Day is the Chairman of the Board of Directors and Chief Executive Officer at Gilead Sciences.

He joined Gilead in March 2019. Prior to Gilead, Dan served as the Chief Executive Officer of Roche Pharmaceuticals. His career at Roche spanned more than three decades, during which he held a number of executive positions in the company’s pharmaceutical and diagnostics divisions in North America, Europe and Asia. He served as a member of Roche’s Corporate Executive Committee, as well as on a number of public and private boards, including Genentech, Flatiron Health and Foundation Medicine.

Dan holds a bachelor’s degree in biology from Georgetown University and an MBA from Columbia University. He is currently the chair of the Board of Directors of the Pharmaceutical Research and Manufacturers of America (PhRMA) organization and he serves on the Board of Directors of Georgetown University.


The top earners continue with Robert Bradway of Amgen at number six with a compensation package valued at $22.8 million. Following closely behind is Albert Bourla from Pfizer at $21.56 million and Pascal Soriot of AstraZeneca with $21.3 million. Rounding out the top ten are Reshma Kewalramani from Vertex Pharmaceuticals, the highest ranked woman on the list this year at $20.6 million, and Robert Davis from Merck & Co. with $20.3 million.

This list provides a glimpse into the significant compensation packages awarded to CEOs in the pharmaceutical industry. It is important to note that these figures represent total compensation, which can include salary, bonus, stock options, and other benefits. Further analysis is needed to understand the justification for these levels of compensation and how they compare to overall company performance and shareholder returns.