Moderna CEO Stephane Bancel had a very profitable 2022. Bancel saw the company double his salary to $1.5 million per year, in addition to reaping $393 million in stock options. Following the release of these figures, many are calling for a review, since the National Institutes of Health gave the pharmaceutical company $1.7 billion at the beginning of the pandemic to develop the vaccine.
This is reflected in a March report by the Securities and Exchange Commission. Following the release of the data, Bancel noted that he and his wife earned $393 million from the sale of stock options. In addition, the report emphasizes that the couple donated $176 million to charitable organizations. According to The Washington Post, Bancel still owns $2.8 billion in stocks, with additional stock-based compensation of $1.7 billion at the end of last year.
"This guy should thank Fauci"
After the figures were released, social media was filled with messages of criticism, such as that of Corey Lewandowski, former advisor to Donald Trump's presidential campaign, who called it a "joke." Lewandowski also stressed that Bancel "should thank Fauci."
Moderna’s billionaire CEO reaped nearly $400 million last year. He also got a raise. This guy should thank Fauci. What a joke. https://t.co/ihVGTUx23K
— Corey R. Lewandowski (@CLewandowski_) April 29, 2023
Moderna defends his pay as "reflective of merit"
Despite criticism of executive compensation and bonuses, especially after receiving public funds, the company defended its policy as "reflective of merit." According to company spokespersons, the compensation "appropriate in light of the increased scope of increasingly global responsibility for Moderna’s executives."
At the beginning of the pandemic, Moderna shares were trading at $19. At market close on Friday, its price stood at $132 per share. Last month, the company's president announced his intention to increase the price of each dose of the coronavirus vaccine to $130. The initiative was harshly criticized by Democratic Senator Bernie Sanders during Bancel's appearance in the Senate. "In the pharmaceutical industry today, we are looking at an unprecedented level of corporate greed, and that is certainly true with Moderna," the veteran senator noted.
