Tolga Tanguler

About Tolga Tanguler

Tolga Tanguler is Executive Vice President and Chief Commercial Officer at Alnylam, serving since January 2021; he is 52 years old, holds a B.S. in Finance and Economics from Istanbul University and an MBA from Michigan State University, and previously led U.S. operations at Alexion and Pfizer’s North America Rare Diseases business, including serving as Global Vice President and Alliance Co‑Head for Eliquis . During his tenure, Alnylam grew global net product revenues by 33% in 2024 and posted a one‑year TSR of 22.94%, with three‑year TSR of 38.76% and five‑year TSR of 104.32%, reflecting strong commercial execution alongside pipeline progress .

Past Roles

Organization	Role	Years	Strategic Impact
Alnylam Pharmaceuticals	EVP & Chief Commercial Officer	Jan 2021–present	Leads global commercial operations across TTR and rare franchises supporting revenue growth
Alexion Pharmaceuticals	SVP & Head of U.S.	Nov 2018–Dec 2020	Led U.S. commercial operations in rare disease
Pfizer	President, North America Rare Diseases	Oct 2014–Oct 2018	Led regional rare disease portfolio commercialization
Pfizer	Global VP & Alliance Co‑Head, Eliquis	Prior to 2014	Co‑led global alliance on Eliquis

External Roles

Organization	Role	Years
Lexeo Therapeutics, Inc.	Director	Current

Fixed Compensation

Metric	2022	2023	2024
Base Salary ($)	$564,800	$610,000	$631,000
Target Bonus (% of Base)	65% (Vaishnaw example) — not disclosed for Tanguler in 2022; skip if not disclosed	55%	55%
Actual AIP Payout ($)	$326,370	$352,280	$659,400
Actual AIP Payout (% of Target)	Not stated for 2022; skip	105%	190%

Performance Compensation

Annual Incentive Program (Company-level metrics driving NEO payouts)

Metric Category	Weighting Range	2023 Achievement	2024 Achievement	Corporate Performance Modifier
Advance our Culture	20–30%	Above target; culture engagement, ERM, ISS ESG C+ Prime	Above target; engagement, ERM enhancements	105% (2023) ; 190% (2024)
Pipeline & Development	40–60%	Near target, below overall due to sNDA CRL for patisiran	Above target; HELIOS‑B positive Phase 3, filings, KARDIA‑2 positive, CTAs	Included in modifiers
Marketed Products & Financial Performance	40–60%	Slightly above revenue/expenses; below overall on peer TSR and COGS %	Above target on net product revenue, OpEx; one‑year TSR strong vs peers	Included in modifiers

Long-Term Incentive Mix and Vesting

Award Type	2023 Grant Value ($)	2024 Grant Value ($)	Vesting Terms
PSUs	$1,900,000	$1,450,000	Vest only upon PC&C‑approved clinical, regulatory or financial goals; cannot vest earlier than 1‑year; 2024 PSU goals must occur within 5 years
RSUs	$950,000	$725,000	3 equal annual installments (years 1–3 from grant)
Stock Options	$950,000	$725,000	25% at year 1; then 6.25% quarterly through year 4

Select PSU Performance Goals (program-level; company achieves → PSU vesting)

PSU Grant Date	Goal	Status
Feb 24, 2021	Non‑GAAP operating income profitability for a 12‑month calendar year (25%)	Achieved Feb 2025
Feb 27, 2023	FDA acceptance of NDA in ATTR cardiomyopathy after positive Phase 3 outcome (30%)	Achieved Nov 2024
Feb 23, 2022	First $1.5B in annual total revenues (33%)	Achieved Feb 2024

Equity Ownership & Alignment

Item	2023	2025 (as of Jan 31, 2025)
Shares Owned	1,801	13,191
Shares Acquirable within 60 days (options/RSUs/PSUs)	54,142	81,020
Total Beneficial Ownership	55,943	94,211
% of Shares Outstanding	<1%	<1%
Shares Pledged	None; pledging prohibited by policy and waivers not permitted
Ownership Guidelines	3× base salary for executive officers; CEO 6×; directors 5× cash retainer
What Counts Toward Guidelines	Shares owned outright; unvested restricted stock and RSUs; deferred stock units; vested in‑the‑money options; unvested PSUs excluded (policy revised in 2023)
Compliance Status	All NEOs currently in compliance

Vesting and Transactions (2024)

Item	2024
Shares acquired on vesting	11,223 shares; $2,231,935 value
Options exercised	None

Employment Terms

Provision	Details
Employment Agreement	At‑will (no individual employment agreement disclosed for Tanguler)
Non‑Compete / Non‑Solicit	Executives sign nondisclosure, non‑competition and IP assignment agreement; covenant not to compete for at least 12 months post termination
Clawback	Company adopted clawback policy effective Dec 1, 2023 for incentive compensation tied to financial reporting restatements
Anti‑Hedging / Anti‑Pledging	Hedging, short sales, margin accounts, and pledging of company stock prohibited; no waivers permitted
Change‑in‑Control (CIC) Protection	Double‑trigger required (CIC + qualifying termination within 12 months)
CIC Cash Severance (Tanguler)	1.5× (base + target bonus); estimated $1,467,070
CIC Medical Benefits	Cash equivalent of employer contribution for 18 months; estimated $45,290
CIC Equity Acceleration	Immediate full acceleration of unvested stock options and stock‑based awards; estimated options $1,840,292 and RSUs/PSUs $5,785,332
Death/Disability	Full vesting of all outstanding equity awards upon death or disability (company‑wide policy updated in 2024)

Investment Implications

Pay‑for‑performance alignment: Tanguler’s 2024 variable pay is driven by a 190% corporate performance modifier and a 50% PSU LTI mix tied to clinical/regulatory/financial milestones, strengthening alignment with long‑term value creation .
Retention dynamics: Standard double‑trigger CIC protections with 1.5× cash severance and full equity acceleration, plus RSU/option service‑based vesting cadence (annual/quarterly) create predictable vesting events; 2024 vesting totaled 11,223 shares ($2.23M), with no options exercised, suggesting realized value driven by scheduled vesting rather than discretionary selling .
Governance safeguards: Clawback policy, strict anti‑hedging/anti‑pledging, and stock ownership guidelines (3× salary; NEOs in compliance) mitigate misalignment and selling pressure risks; unvested PSUs are excluded from guideline counts to avoid inflating ownership .
Execution track record: Commercial performance under his remit coincided with 33% revenue growth in 2024 and key PSU goal achievements (NDA acceptance, profitability), supporting incentive payouts and reinforcing confidence in commercial execution .

Notes: Where period‑specific data for 2022 target bonus was not disclosed for Mr. Tanguler, the item is omitted per instruction to skip undisclosed items.