Posted on 03/12/2022 2:05:17 PM PST by george76
The CEO of pharmaceutical giant Moderna earned a staggering $18 million salary in 2021 alone, according to reports.
Moderna is a biotechnology company based in Cambridge, Massachusetts.
It was founded in 2010 and develops medicines based on mRNA technology.
Stéphane Bancel was hired as CEO of Moderna in 2011.
Bancel was previously a top executive at pharmaceutical behemoth Eli Lilly and Company and CEO of French biotech company bioMérieux before joining Moderna.
In 2011, Moderna went public and raised more than $600 million at its initial public offering.
The funding made it the biggest biotechnology IPO at the time.
Despite being established several years, Moderna only brought its first product to market in December 2020, when the Food and Drug Administration (FDA) gave emergency use authorization to Moderna’s COVID-19 vaccine.
Moderna sold 807 million doses of the company’s COVID-19 vaccine, reported to be worth $17.7 billion.
The Covid shots account for virtually all of the company’s revenue.
In 2021, Moderna’s total revenue was a whopping $18.5 billion.
The figure is a major increase from 2020’s total revenue of $803 million.
Moderna has projected sales of $19 billion for 2022 based on vaccine purchase agreements with governments across the world.
Aside from the multimillion-dollar salary, Moderna could potentially reward its 49-year-old CEO with a huge golden parachute worth nearly $1 billion.
Moderna is providing Bancel with an exit package of $926 million if he is terminated or dismissed because the company is sold or a merger happens.
“The value of Bancel’s so-called change-in-control package has varied as a bulk of it, $922.5 million, is in the biotech company’s stock, which has swung widely over the course of the pandemic along with the company’s progress in making a vaccine to fight it,” CNBC reported.
“Bancel’s exit package also includes a cash severance payment of $1.5 million and a bonus of $2.5 million if the company is sold and he’s terminated.”
The value of Bancel’s golden parachute was revealed on Wednesday in Moderna’s annual proxy report.
Bancel made $18.2 million in cash, stock, and options in 2021– an increase from $12.9 million compensation in 2020, and more than double his $8.9 million compensation of 2019, according to Barron’s.
Moderna also spent an additional $661,000 in personal security for Bancel and his family.
Stéphane Bancel has a net worth of $4.6 billion, according to Forbes.
A CNN report from May revealed: “Covid-19 vaccines have created at least nine new billionaires after shares in companies producing the shots soared.”
The list of the new COVID-19 vaccine billionaires includes Bancel, BioNTech CEO Ugur Sahin, senior executives from China’s CanSino Biologics, and early investors in Moderna.
All reward, no consequences. They laugh, laugh, laugh.
Should be a good thread for the battle between those for anything capitalism goes and those who would say it $1 billion seems a bit excessive. Then there is the whole funded by government purchase for a mandated vaccine argument.
As the Sacklers laugh also.
I’m not a 1 pecs Ted but that’s criminal.
Insights welcome.
Is this free-market capitalism? Or is it state-sponsored crony/socialist capitalism?
Big Pharma laughing all the way to the bank.....Pfizer and Moderna are expecting to bring in $51 billion in vaxx sales this year.
https://freerepublic.com/focus/f-news/4043866/posts
How awesome for him!
I’d like to learn to do the same.
I am all for capitalism but crony capitalism is a foul. Stealing money from people by force of government is a crime and that is what moderna has done.
The latter
...and the saline solution vax he probably took worked just fine. For his bank balance anyway.
He will have all of eternity to contemplate on this.
None of these vaxes were purchased by consumers in a free market.
Taxpayers coerced into buying the vaxes for the state.
To fulfill a "demand" created by lies and legal pressure.
should have read one percenter.....trying to type on the phone.
Has he identified a non-extradition country to retire to?
I hear Ukraine is nice this time of year...
That’s their work.. taking money to the bank. Their amusement is doing it while millions die.
And just when he thinks he’s got it made and can relax for the rest of his life........
he’ll die.
And all the innocent people who have died or been injured by their poison be damned.
Nuremberg style trials are needed.
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