BOSS' PAY GROWS WITH AMGEN.Byline: Evan Pondel Staff Writer THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - Amgen Inc.'s chief executive officer saw his bonus increase by $1 million in 2002, a sign that the biotechnology behemoth behemoth (bē`hĭmŏth, bĭhē`–) [Heb.,=plural of beast], large, fanciful primeval monster, like Leviathan, evoking the hippopotamus mentioned in the Book of Job. has prospered under its relatively new leader. Kevin Sharer, 54, has been chief executive and president of the company since May 2000. His ability to guide the company through a period of economic turbulence is typified in an annual salary that now approaches $1 million. At the same time, Sharer's bonus totaled $1.8 million in 2002, while his salary increased $50,000 to $980,000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a regulatory filing. Analysts say he deserves every penny, and the confidence Sharer oozes seems to command such a paycheck. ``He is a very dynamic leader,'' said Dennis Harp, analyst with Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Sharer's self-assured style was present at a recent business review meeting in Hollywood. As Amgen's chief financial officer was delivering a report on the company's numbers, an investor asked a poignant question in which Sharer shouted out the answer from his front-row seat. Harp said there is a symbiotic relationship symbiotic relationship (sim´bīot´ik), n in implantology, that relationship assumed by an implant and the natural teeth to which it has been splinted. between Sharer's persona and salary. The Thousand Oaks-based company has grown significantly under his leadership. Amgen's recent acquisition of Immunex brought anti-inflammation drug Enbrel to the company. Harp said receiving regulatory approval of an Enbrel manufacturing facility in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. was a clear victory for Sharer. ``Based on that alone, Sharer's compensation is not out of line with what a big executive at a large pharmaceutical is making,'' Harp said. William C. Weldon, chief executive of Johnson & Johnson, saw his salary increase to $1.1 million in 2002 from $863,462 in 2001, while his bonus rose to $1.2 million in 2002 from $871,761 in 2001. When comparing Sharer's annual salary and bonus with Weldon's earnings, Sharer beats the Johnson & Johnson executive by $500,000. And while Johnson & Johnson - which Sharer has openly dubbed his nemesis - churns greater revenues than Amgen, Sharer is still worth his current price tag, Harp said. Among Sharer's greatest fears is that ``there will be a problem with one of Amgen's products.'' Though the company has had a relatively clean record, a new Food and Drug Administration probe could curb Enbrel sales. Federal regulators announced earlier this month that they will review three biotechnology drugs used to treat rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. amid fears of a possible link to lymph cancer. The drugs include Enbrel, Johnson & Johnson's Remicade and Abbott Laboratories Inc.'s Humira. FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. documents revealed that a small number of patients taking these drugs developed lymphoma. Aside from potential Enbrel woes, Sharer has financial projections to prove. Total product sales for 2003 are expected to be in the range of $6.7 billion and $7.2 billion. ``But there shouldn't be a problem meeting those expectations,'' Harp said. Amgen rose $1.84, or 3.3 percent, to close at $57 on the Nasdaq market. CAPTION(S): photo Photo: (color) SHARER |
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