MONTREAL - The top five executives at Valeant Pharmaceuticals shared nearly US$123 million in compensation last year, up from US$23.8 million in 2013.
Chairman and CEO Michael Pearson, who owns three per cent of the company with some 10 million shares, took the lowest compensation at US$10.28 million, while executive vice-president Ari Kellen topped the list at US$50.6 million, according to the company's proxy circular.
Valeant (TSX:VRX) had a busy year — failing in its hostile bid for botox maker Allergan but completing the US$11-billion purchase of Salix Pharmaceuticals, the largest transaction in the company's history.
The Quebec-based company, which reports in U.S. dollars, earned US$913.5 million or $2.67 per share last year, up from a loss of $866.1 million or $2.70 per share in 2013. Adjusted profits were $2.85 billion or $8.34 per share. Revenues increased 43 per cent to $8.26 billion.
Chief financial officer Howard Schiller collected US$27.1 million, head of corporate and business development Robert Chai-Onn at $23.9 million and European general manager Pavel Mirovsky at $10.9 million.
Pearson received US$1.9 million in salary, $8 million in cash incentives and $368,235 in other compensation. That compared with a salary of $1.75 million, $4.8 million incentives and $458,203 other amounts for a total of $7 million in 2013. Starting in 2015 he will receive no base salary.
In his first year with the Valeant, Kellen's total pay package included US$43.1 million worth of stock awards, $5 million bonus for restructuring Bausch + Lomb, $1.8 million in incentives, $752,885 salary and $2,521 in other compensation.
Valeant's shares closed Friday at US$205.32 on the New York Stock Exchange and at C$251.15 in Toronto.