Johnson & Johnson CEO Joaquin Duato received $13.1 million in total compensation in 2022, according to a company financial filing this week.
The pay is slightly down from the $13.8 million Duato brought home in 2021 and down from the $15.6 million he made in 2020.
Duato, who became CEO of J&J in 2022 after longtime CEO Alex Gorsky retired, previously served as the company’s Vice Chairman of the Executive Committee. At the start of 2023, Duato succeeded Gorsky as Executive Chairman of the company.
In addition to Duato, J&J executives have been well compensated, though the pay has been scaled back compared to previous years.
The company’s EVP and CFO Joseph Wolk brought home $8.8 million, down from $10.9 million in 2021, while EVP and worldwide chairman of pharmaceuticals Jennifer Taubert received $8.7 million, down from $10.2 million a year prior.
Additionally, EVP and worldwide chairman of medtech Ashley McEvoy made $7.3 million during her first year at the company while EVP and worldwide chairman of consumer health Thibaut Mongon made just over $7 million in his rookie campaign.
Compared to his pharma executive peers, Duato made more last year than GSK CEO Dame Emma Wamsley, who received $10.2 million, and Novartis CEO Vas Narasimhan, who earned $9 million. However, he made considerably less than AbbVie CEO Richard Gonzalez, who received $26.2 million in total compensation.
In Duato’s first year at the helm, J&J reported sales growth of 1.3% and operational growth of 6.1%, driven largely by strong commercial execution. Still, the pharma giant reported that its full-year earnings per share (EPS) fell 13.8% year-over-year, though its adjusted EPS increased 3.6% over the same period.
During the final quarter of 2022, reported sales fell 4.4% and EPS dropped 24.9% due to reduced demand for its one-shot COVID-19 vaccine and an unfavorable foreign exchange rate.
Beyond its financial performance, Duato did secure J&J’s biggest deal in six years by acquiring cardiovascular med tech company Abiomed for $16.6 billion and brought aboard former Sanofi research and development chief John Reed in an executive capacity.
