Moderna CEO Stéphane Bancel brought home $19.4 million in total compensation last year, according to a company financial report this week.
Bancel’s 2022 compensation marked an increase from the $18.2 million he received in 2021 and well exceeded the $12.9 million he got in 2020.
Moderna noted in its report that the ratio of Bancel’s total compensation to a median employee’s total compensation is 119 to 1.
The financial status of Bancel, who has led Moderna since 2011, has been the subject of significant public criticism over recent months, specifically from progressive lawmakers on Capitol Hill. Bloomberg’s Billionaires Index estimates that Bancel’s personal net worth is $5.52 billion, driven largely by the company’s stock performance during the COVID-19 pandemic.
To that end, Sen. Bernie Sanders, (I-Vt.), the newly-minted chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, has invited Bancel to testify next week on the drugmaker’s reported consideration of raising the price of Spikevax, its COVID-19 vaccine, to between $110 to $130 per dose.
Bancel has accepted the invitation to testify, which came shortly after Moderna promised that Americans would not have to pay for its COVID-19 vaccine.
Sanders has been sharply critical of Bancel’s sizable wealth and Moderna’s business practices given that the company received federal funding as part of Operation Warp Speed to develop its COVID-19 vaccine.
In the lead up to Bancel’s pending testimony, Moderna has kept busy on several fronts.
The company released its Q4 2022 earnings report late last month, reporting quarterly revenues of $5.1 billion and full-year revenues of $19.3 billion, complemented by quarterly net income of $1.5 billion and a full-year net income of $8.4 billion.
Going forward, Moderna said it expects Spikevax to generate $5 billion in sales this year and plans to boost its research and development (R&D) investments to $4.5 billion.
The biotech also recently saw its mRNA cancer vaccine in combination with Merck’s Keytruda receive a Breakthrough Therapy Designation from the Food and Drug Administration. The FDA also granted a Breakthrough Therapy Designation for the company’s respiratory syncytial virus (RSV) vaccine.
Additionally, Moderna announced a partnership with Life Edit Therapeutics, an ElevateBio company focused on gene editing.