UK pharma: return on CEO remuneration mixed

Celltech chief executive Peter Fellner received a total remuneration ofL6.7 million ($9.4 million), albeit only L358,000 in actual salary and, under his stewardship, total shareholder return in 2000, at 122.6%, was the highest of any FTSE 100 company, according to a survey by the Sunday Times. But that was last year; this year, the firm's share price has gyrated madly, dropping to under L10 at one point. However, analysts at Morgan Stanley Dean Witter are upbeat on Celltech, and have put a price target of L18.00 on the stock.

Among the drug sector companies in the FTSE 100, Shire Pharmaceuticals' CEO Rolf Stahel received a L4.5 million remuneration package (L385,000 in salary) and produced the second-best shareholder return last year, 70.6%, according to the survey.

Also among the top-performers was Nycomed Amersham's Sir William Castell who, with a remuneration of just over L2 million (L404,000 in salary), produced shareholder return in 2000 of 46.3%.