Eli Lilly CEO Sees 10% Pay Rise to $29.2 Million Amid Booming Drug Sales

On March 10, 2025, it was reported that Eli Lilly's CEO, David Ricks, has experienced a 10% increase in his total compensation for 2024, bringing his earnings to an impressive $29.2 million. This rise reflects the company's significant success over the past eight years since Ricks took over as CEO in 2017.

Ricks' compensation increased from $26.6 million in 2023, marking nearly a doubling of his initial salary of $15.8 million. This substantial growth is closely tied to the soaring demand for Eli Lilly's GLP-1/GIP medications, Mounjaro and Zepbound, which collectively generated $16.4 billion in sales in 2024.

Additionally, Eli Lilly's fourth-quarter report highlighted a 20% year-over-year increase in sales of non-metabolic drugs, with key drivers being the breast cancer treatment Verzenio and heart failure medication Jardiance, which brought in $5.3 billion and $3.3 billion, respectively, in 2024.

While several pharmaceutical companies have yet to disclose their 2024 executive pay, Ricks' compensation currently surpasses that of peers listed in Eli Lilly's proxy statement. For comparison, AstraZeneca's Pascal Soriot earned £14.7 million (approximately $18.5 million) last year, and Novartis' Vas Narasimhan received CHF 14.2 million (about $15.7 million).

In 2023, Johnson & Johnson's Joaquin Duato was the highest-paid CEO in the pharmaceutical sector, with a total compensation of $28.4 million, followed closely by Ricks at $26.6 million.