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Lilly chief received $2.6 million 2003
Sidney Taurel chose to accept an annual salary of $1 in 2002 due to company performance.
March 12, 2004: 6:47 PM EST

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 performance.

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 350,000 shares.

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 27 percent.

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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 $1.31 million.

Lilly (LLY: Research, Estimates), 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.  Top of page


Copyright 2004 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.



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