Amgen CEO Sharer: Options? No Thanks. I'll Just Take the Cash.

(MoneyWatch)  The total value of compensation paid to the top five executives at Amgen rose slightly in 2008, to $35.9 million from $34 million in 2007. The team largely met its revenue and EPS goals.

This seemingly modest state of affairs came to pass because the team was rewarded with greater amounts of cash but much lower amounts of stock options, whose value changes over time. (See page 73 of the SEC filing.)

CEO Kevin Sharer's total compensation fell from $19.9 million in 2007 to $14.5 million in 2008. He got $4.9 million in stock, $3.8 million in incentive cash (double that of 2007) and $500,000 in "other" cash. That looks like a pay decline because in 2008 he only got $3.5 million in options; In 2007, more than half his $19.9 million compensation was options.

Here's a summary of the value of total compensation:

• Name, 2008 compensation, 2007 compensation
• CEO Kevin Sharer, $14.5 million, $19.9 million
• CFO Robert Bradway, $4.2 million, $2.6 million
• R&D chief Roger Perlmutter, $5.3 million, $4.7 million
• Commercial operations chief George Morrow, $5.5 million, $3.6 million
• EVP operations Fabrizio Bonanni, $6.2 million, $3.1 million
• Source: SEC. Numbers are rounded

In 2009, Sharers's base pay will get a 9.7 percent increase, from $1.5 million to $1.7 million.

• See previous BNET stories on Amgen
• Boehringer Reps Get Legal Victory on Back Pay; Amgen, Serono Reps Could Be Affected
• Amgen More Dependent on Denosumab Than Ever; But What If FDA Delays Approval?
• The Pfizer-Amgen Deal Worst-Case Scenario
• Why Amgen Doesn't Want a Big Sales Force for Denosumab