Nicole Murphy - Head of Pharmaceutical Operations and Technology | BIOGEN (BIIB) Executive Profile & Compensation

About Nicole Murphy

Nicole Murphy is Executive Vice President, Pharmaceutical Operations & Technology at Biogen, serving in this role since February 2022; she joined Biogen in 2015 and is 52 years old as of February 12, 2025 . She holds a B.S. in Engineering from the University of Massachusetts Amherst and an M.S. in Engineering plus an MBA from Rensselaer Polytechnic Institute . Company performance under her tenure included 2024 revenue of $9.032B for bonus-plan purposes, GAAP diluted EPS growth of 40% year over year, Non-GAAP diluted EPS growth of 12% year over year, and free cash flow of $2.722B, reflecting disciplined operations; Biogen’s 2022 PSUs paid 0% due to rTSR below the 25th percentile, reinforcing pay-for-performance rigor .

Past Roles

Organization	Role	Years	Strategic Impact
Biogen	EVP, Pharmaceutical Operations & Technology	Feb 2022–present	Accountable for global supply, manufacturing quality/compliance, CMC execution; led ERM oversight and drove on-time-in-full across 90+ countries .
Biogen	SVP, Head of Global Manufacturing & Technical Operations	Jun 2019–Jan 2022	Led global manufacturing and technical ops during portfolio realignment .
Bioverativ (Biogen hemophilia spin-off)	VP & Head of Technical Operations	2017	Ran clinical/commercial dev., quality, regulatory, manufacturing, procurement; critical to spin-off execution .
Biogen	General Manager & Head of Cambridge Site Operations	May 2015–Dec 2016	Site leadership for Cambridge operations shaping capacity and reliability .
Amgen	Executive Director, Head of Supply Chain; prior technical/operational roles	2001–2015	Led commercial manufacturing/technical ops; executed facility start-ups, BD integrations, new product introductions .
Immunex Pharmaceuticals	Process development/engineering roles	—	Technical roles supporting biopharma processes .
Monsanto	Process development/engineering roles	—	Engineering roles in manufacturing/process development .

External Roles

No public company directorships or external board roles disclosed for Nicole Murphy in Biogen’s filings .

Fixed Compensation

Metric	FY 2022	FY 2023	FY 2024
Base Salary ($)	$592,218	$670,642	$764,567
Target Bonus (%)	75%	75%	75%
Actual Bonus Paid ($)	$729,572	$676,603	$999,034
2024 Company Multiplier (%)	—	—	132%
2024 Individual Multiplier (%)	—	—	130%

Notes:

2024 base-salary increase for Ms. Murphy included merit and market adjustment; 2024 CMDC noted a 15% increase year over year, positioning NEO salaries near median .
Bonus calculation formula: Base Salary × Target Bonus × Company Multiplier × Individual Multiplier .

Performance Compensation

Annual Bonus Plan (2024)

Metric	Weight	Threshold	Target	Max	Achieved	Payout to Metric
Revenue	35%	$8,412M	$8,855M	$9,298M	$9,032M adjusted	105.0%
Non-GAAP Diluted EPS	35%	$13.62	$15.30	$16.19	$16.33 adjusted	150.0%
Pipeline Development	25%	Achievement	Achievement	Achievement	Goal Maximum	150.0%
Corporate Responsibility	5%	Achievement	Achievement	Achievement	At Goal	100.0%
Company Multiplier	—	—	—	—	—	131.8% (132% rounded)

Key design features:

Individual Multiplier range: 0–150%; combined cap Company × Individual = 225% .
2024 bonus metrics simplified for transparency and stronger alignment with annual operating plan .

Long-Term Incentives (2024 grants)

Award Type	Performance Metric	Weighting in LTI	Threshold	Target	Max	Vesting
PSUs (rTSR)	Relative TSR vs peer group + NBI ≥$5B market cap	30% of total LTI value (50% of PSUs)	25th percentile; 25% payout	50th percentile; 100% payout	75th percentile; 200% payout	3-year cliff (2024–2026)
PSUs (EPS CAGR)	3-year EPS CAGR	30% of total LTI value (50% of PSUs)	50% payout	100% payout	200% payout	3-year cliff (2024–2026)
RSUs	Time-based	40% of total LTI value	—	—	—	Ratable annual vest over 3 years (1/3 per year)

Nicole Murphy’s 2024 grant sizes:

Grant Component (2/7/2024)	Shares (Threshold)	Shares (Target)	Shares (Max)	Grant-Date Fair Value ($)
rTSR PSUs	1,091	4,365	8,730	$1,429,319
EPS CAGR PSUs	2,183	4,365	8,730	$1,049,957
RSUs	—	5,820	—	$1,399,943

Additional performance history:

2022 PSU program (rTSR) paid 0% for NEOs due to rTSR below 25th percentile over 2022–2024, reducing realizable pay .

Equity Ownership & Alignment

Item	Detail
Beneficial ownership (shares)	14,223; less than 1% of outstanding shares .
Stock ownership guideline	EVP requirement: shares equal in value to 3x base salary; 5-year compliance window; executives either meet or are within window .
Hedging/pledging	Prohibited for employees, officers, and directors (no margin purchases; no pledging; no derivative hedges) .
2024 stock vested	6,543 shares vested; $1,541,217 value realized; net shares acquired 3,747 after tax withholding .

Outstanding equity awards at FY-end 2024 (market value uses $152.92/share closing price):

Grant Date	Award Type	Shares Unvested	Market Value ($)
2/10/2022	RSUs	2,272	$347,434
2/08/2023	RSUs	4,204	$642,876
2/07/2024	RSUs	5,820	$889,994
2/08/2023	rTSR PSUs (unearned)	3,153	$482,157
2/07/2024	rTSR PSUs (unearned; assumed threshold)	2,183	$333,824
2/07/2024	EPS PSUs (unearned; assumed target)	4,365	$667,496

Notes:

No stock options outstanding for Murphy; option grants pertain to CEO’s 2022 package .
RSUs vest in three annual installments beginning on first anniversary of grant .

Employment Terms

Provision	Terms for EVPs (including Nicole Murphy)
Severance (termination without cause, outside CIC)	Lump-sum equal to 12 months of base salary + target bonus; plus 2 months for each full year of service; capped at 21 months; health benefits continuation and up to 12 months outplacement .
CIC protection (double trigger within 2 years after corporate transaction or CIC)	Lump-sum 2x base salary + target bonus; health benefits continuation; outplacement; equity awards accelerate per plan (double trigger) .
Equity treatment	Double-trigger acceleration upon involuntary employment action within two years of CIC; retirement/death/disability provisions per plan .
Clawback	Dodd-Frank compliant clawback policy for erroneously paid compensation; broader recoupment for detrimental/competitive activity .
Excise tax	No excise tax gross-ups .

Potential payments (as of Dec 31, 2024, using $152.92/share):

Scenario	Severance ($)	PB RSUs ($)	TB RSUs ($)	Medical/Dental/Vision ($)	Outplacement ($)	Total ($)
Qualifying termination (not following CIC)	$2,377,266	—	$1,880,304	$40,247	$32,000	$2,449,513
Qualifying termination (following CIC)	$2,716,875	$667,496	$1,880,304	$45,997	$32,000	$5,342,672

Investment Implications

Alignment signals: High at-risk pay mix (approx. 83% variable for non-CEO NEOs) with 60% of LTI in PSUs tied to rTSR and EPS CAGR, plus clawbacks and anti-hedging/pledging policies, suggests strong shareholder alignment and reduced agency risk .
Execution and value creation: Murphy’s 2024 achievements across supply chain reliability, regulatory inspections, environmental compliance, and CMC milestone adherence underpin Biogen’s operational discipline during a year of revenue stabilization and EPS growth, supporting confidence in execution-sensitive launches (LEQEMBI, SKYCLARYS, ZURZUVAE, QALSODY) .
Retention risk: Severance and CIC protections provide meaningful downside insurance (up to 2x base+bonus under CIC), which helps retention through transformation but may modestly raise cost if leadership changes; no excise tax gross-ups mitigate governance concerns .
Trading pressure outlook: Annual RSU vesting (5,820 from 2024 grant) and PSUs maturing in 2025–2026 could contribute to periodic supply, but strict anti-hedging/pledging rules and ownership guidelines temper risk; 2022 PSUs paid 0%, demonstrating discipline in equity realization .
Ownership: Direct beneficial ownership is modest (14,223 shares; <1%), but executives must meet 3x salary ownership over five years, sustaining skin-in-the-game; executive cohort meets or is within window .