April 30, 2002
James Mullen, CEO of Cambridge drug maker Biogen Inc., saw his bonus more than double last year as the company increased sales of its only product, the multiple sclerosis drug Avonex, and a second product moved closer to U.S. regulatory approval.
Mullen's bonus rose to $993,000 from $420,000. Biogen also raised the CEO's salary to $914,513 from $604,617. Mullen was named Biogen's CEO in 2000, succeeding James Vincent, who remained as chairman. Biogen paid Vincent $1.02 million in salary in 2001.
Avonex sales, which increased 28 percent to $972 million last year, are expected to slow to 13 percent growth in 2002 as it faces competition from rival drugs.
Biogen is now hoping to make up for slowed Avonex sales by winning U.S. Food and Drug Administration approval of its Amevive treatment for psoriasis, a market some analysts estimate could top $2 billion.
Biogen has said it expects to win approval and introduce Amevive this year.
Mullen also got 10-year stock options that the company valued at $31.5
million if Biogen's stock price rise 10 percent through the term of the
options, the filing said.
Copyright 2002 American City Business Journals Inc