AstraZeneca PLC (AZN) Chief David Brennan Sees Pay Jump to £9.1 Million
3/27/2012 7:43:09 AM
The pay hike happened despite concern about Astra's pipeline of new drugs, as it faces a looming "patent cliff", with several of its best-selling medicines losing exclusivity and facing competition from cheaper generic versions in the next few years. Last week, the company had to pull the plug on an anti-depressant it was developing, incurring a $50m (£31.3m) charge, and in February announced 7,000 job cuts to save money. Mr Brennan's base pay rose 2.5pc to £997,223 in 2011, and including a bonus and other payments, was up 11pc to £3.37m, according to the pharma company's annual report.
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