3/26/2013 9:57:45 AM
Eli Lilly & Co.'s (LLY) chief executive saw the value of his pay package decline by 11% for 2012, while the leader of rival drug maker Bristol-Myers Squibb Co. (BMY) received a 15% increase in total compensation. Both executives received generally positive performance reviews in their respective companies' proxy statements, but a smaller increase in the value of Lilly CEO John C. Lechleiter's pension benefits for 2012 accounted for the decline in his total compensation from 2011 levels. Bristol-Myers and Lilly both face similar challenges: Each has lost patent protection for top-selling drugs in recent years, triggering generic competition that hurt sales. But Bristol-Myers has generally had more success bringing new products to market to help soften the blow of the patent losses.
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