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