NEW YORK (Reuters) - Eli Lilly's rewarded its Chief Executive
Sidney Taurel with a $2.63 million payout in 2003 after its top
executive took a pass on a paycheck in 2002 due to company
The Indianapolis-based drugmaker reported Taurel received a $1.43
million base salary for 2003, and a bonus of $1.19 million for the
year, according to a regulatory filing with the U.S. Securities and
Exchange Commission. He also received a stock option grant for
During the 2002 calendar year, the company said Taurel chose to
accept an annual salary of $1 "as a reflection of his confidence in
and commitment to the company during this period of transition."
Lilly's net income dipped five percent in 2002, and the stock fell
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Had Taurel not taken this action, Lilly said his annual base
salary would have been $1.39 million for 2002. In 2001, he earned
which has struggled in recent years to deal with the loss of patent
protection of its once flagship antidepressant drug Prozac, expects
to gain approval of a handful of new drugs over the next several
months that will help boost earnings.
Among them is Cymbal, a new depression drug that analysts expect
eventually to garner annual sales of $2 billion.
Lilly expects 2004 earnings of $2.80 per share to $2.85 per
share, or 18 percent to 20 percent better than 2003 results.
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