By Jorge Mercado Friday, August 4th, 2023

Bob Bradway, Amgen’s CEO since May of 2012, raked in the most of any executive of a public company based on the Central Coast in 2022, generating a total compensation worth $21.4 million, according to a Business Times study.

According to filings with the U.S. Securities and Exchange Commission, Bradway pulled in a base salary of $1.73 million in 2022, but stock options worth a total of $15.91 million made up the majority of his total compensation package.

Amgen is the largest public company in the region by market capitalization, being worth $124 billion as of close on Aug. 2.

In the last year, however, Amgen’s stock has dipped a bit, being down 11% year-over-year, closing at $232.12 on Aug. 2.

Amgen is currently in the process of what would be its biggest acquisition in company history.

On Dec. 12, the company announced it would be purchasing Horizon Therapeutics for $27 billion, one of the largest deals in recent memory in the biotechnology scene should it actually go through.

But, most recently, states such as Illinois, Minnesota, New York, Washington and Wisconsin joined the Federal Trade Commission’s lawsuit, which was filed on May 16.

The FTC — and the suit — is arguing that the acquisition would enable Amgen, one of the biggest biotech companies in the world, to leverage its portfolio of blockbuster drugs to foreclose actual or potential rivals to Horizon’s top-selling medications.

That would substantially lessen competition in the markets for the sale of FDA-approved drugs to treat thyroid eye disease and chronic refractory gout, according to the suit.

Additionally, the acquisition would tend to create a monopoly in those markets, the complaint alleges.

In June, Amgen and Horizon filed a countersuit against the FTC, claiming that the regulator’s efforts to block the buyout go against the U.S. Constitution, particularly as it seeks to hold hearings in an administrative court instead of in an Article III court.

Amgen and Horizon are still aiming to close the deal by the end of the year.

Procore founder and CEO Craig Courtemanche Jr. generated the second most of any executive in a public company here on the Central Coast in 2022, taking home a total compensation package worth $13.8 million, nearly $13 million of which came in the form of stock options.

It was also a 30% increase year-over-year for Courtemanche.

Following close behind was Steven Davis, Procore’s president of product. Davis made $12.96 million in 2022, about $12.5 million of which was in the form of stock options.

Also, in the No. 9 spot, Procore’s CFO Paul Lyandres, who stepped down from the position in 2023 and moved to another executive spot within the company, made $8.2 million in 2022, giving Procore executives three of the top 10 spots on the list.

Procore went public in 2021, raising $635 million through its initial public offering and making a few acquisitions in the year that followed, aiming to scale the company.

Most recently the company, though still not generating a profit, did make $774 million in revenue in 2022.

In fourth was Deckers Brands CEO Dave Powers, who made $10.85 million in 2022, a 38% increase from the year prior, $8 million of which came in the form of stock options.

Rounding out the top five was PennyMac Financial Services CEO David Spector who generated $9.67 million in 2022.

Jeff Green, who made the most of any executive of a public company on the Central Coast in 2021, generated a total compensation package worth $5.44 million in 2022, ranking No. 20 on the Business Times’ list.

Green made $835 million in 2021, though about $830 million came in the form of stock options that would only be paid out on certain goals being met and after certain times.

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