Not One Penny Statement On Pharma CEO’s Massive Bonus, Purchase of Multi-Million Dollar Condo On Heels of GOP Tax Bill

Friday, April 13, 2018


WASHINGTON, D.C. — Following news that the CEO of Pfizer purchased a $13 million condo after receiving more than $27 million in executive compensation,Not One Penny spokesperson Tim Hogan released the following statement:

“As the largest pharmaceutical company in the country, Pfizer’s actions impact millions of Americans. The same year Pfizer got more than $10 billion from the GOP tax bill, their CEO got a massive 61 percent increase in executive compensation and a brand new $13 million sky villa in Sunny Isles Beach. They also got themselves a brand new luxury HQ atop a Manhattan skyscraper — all while jacking up prescription drug prices for millions of American families and cutting Alzheimers and Parkinsons research millions of Americans are depending on. One thing is crystal clear: the benefits of this bill are not trickling down and President Trump, Speaker Ryan, and congressional Republicans owe answers to the American people.”


  • Pfizer, the largest pharmaceutical company in the nation by sales, received a $10.7 billion benefit from the “Tax Cuts and Jobs Act” signed into law by President Trump in 2017.

  • After receiving billions in savings from the tax bill, Pfizer continued to jack up prices for  prescription drugs and even cut Alzheimers and Parkinsons research American families are depending on.

  • Meanwhile, the company’s CEO, Ian Read, received over $27 million in executive compensation in 2017—up 61 percent from $17.3 million in 2016. The vast majority of that 61 percent pay raise came just days after the tax bill was passed in the form of an $8 million bonus.

  • The CEO of Pfizer recently purchased a $13 million “sky villa” condo in the “Jade Signature” in Sunny Isles Beach, Florida. According to news reports, the “sky villa” includes 5 bedrooms, 6 bathrooms, “a gym and an entertainment lounge,” 22-foot ceilings, and a 180-degree view of the ocean. It has 6,735 square feet of interior space and 1,161 square feet of outdoor living space.

  • According to a new report from Senator Cory Booker, several other major pharmaceutical companies have used their tax savings to enrich themselves at the expense of working Americans. See the report here.

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