Cristin Hubbard
BIOMARIN PHARMACEUTICALAbout Cristin Hubbard
Cristin Hubbard is Executive Vice President and Chief Commercial Officer at BioMarin, responsible for global commercial operations and portfolio strategy; she joined in May 2024 and is 49 years old as of March 15, 2025 . She holds a B.S. in Biochemistry and Molecular Biology (UC Santa Cruz) and dual MBA/MPH degrees from UC Berkeley (Haas School of Business and School of Public Health) . Prior roles include Head of Global Product Strategy at Roche Pharmaceuticals (May 2023–March 2024) and over 16 years in leadership roles at Roche and Genentech; she began her career as a medicinal chemist at Theravance Biopharma . Company performance context: FY2024 total revenues were $2,854 million with GAAP net income of $426.9 million; BioMarin’s FY2024 TSR translated a $100 initial investment to $77.74 versus peer group $118.20, framing the performance backdrop during the period in which Ms. Hubbard joined mid-year 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Roche Pharmaceuticals | Head, Global Product Strategy | May 2023–Mar 2024 | Lifecycle management and global commercial strategy; accelerated delivery from development to commercialization across five therapeutic areas . |
| Roche and Genentech | Various leadership roles | 16+ years | Commercial leadership across Roche/Genentech organizations; portfolio and lifecycle leadership . |
| Theravance Biopharma | Medicinal Chemist | Not disclosed | Early career discovery/chemistry foundation . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Biotechnology Innovation Organization (BIO) | Director | Current | World’s largest biotech advocacy organization . |
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base salary rate | $630,000 | Ongoing base salary per appointment terms . |
| Salary actually earned (2024) | $382,846 | Partial year from May 20, 2024 . |
| Target annual bonus | 60% of base salary (Target $378,000; Max $756,000) | Target tied to base; amounts shown in plan-based awards . |
| Actual annual cash incentive (2024) | $491,400 | Paid in 2025 for 2024 performance . |
| Sign-on cash bonus | $600,000 | Make-whole for forfeited prior employer bonus; subject to 100% clawback if resigns without good reason or terminated for cause within first two years . |
| Perquisites/Other comp (2024) | $292,947 | Includes $273,399 relocation allowance and other items (401k match, imputed life insurance, etc.) . |
Performance Compensation
Long-term equity structure and metrics (2024 grants)
- Performance RSUs (PRSUs): 60% weighted to relative TSR and 40% to strategic goals; 3-year performance period (2024–2026), cliff vest after period subject to continued service .
- Service-based RSUs: 4-year vesting, 25% on each anniversary; separate two-year sign-on RSUs vest 50% on each anniversary (May 20, 2024 grant) .
- Stock options: 10-year term; 25% vest on first anniversary, then 1/48 monthly; exercise price at grant-date close .
Grants of plan-based awards (2024)
| Award type | Grant date | Shares/Units or Option Count | Terms | Grant-date fair value |
|---|---|---|---|---|
| Stock options | 5/20/2024 | 33,520 | Exercise $77.05; expire 5/19/2034; 25% at 1-year then monthly . | $1,130,294 |
| Service-based RSUs (sign-on) | 5/20/2024 | 4,700 | Vest 50% at each of first two anniversaries . | $362,135 |
| Service-based RSUs (annual) | 5/20/2024 | 14,690 | Vest 25% annually over 4 years . | $1,131,865 |
| PRSUs – relative TSR (60%) | 5/20/2024 | Target 17,620 (8,810 thr; 35,240 max) | 3-year (2024–2026), rTSR metric . | $1,631,436 |
| PRSUs – strategic goals (40%) | 5/20/2024 | Target 11,750 (5,875 thr; 23,500 max) | 3-year (2024–2026), strategic goals . | $905,338 |
Annual cash incentive (2024)
| Metric | Target | Actual |
|---|---|---|
| Annual cash incentive | $378,000 target; $756,000 max | $491,400 paid (for 2024) . |
Equity Ownership & Alignment
Beneficial ownership (as of March 14, 2025)
| Holder | Shares beneficially owned | Options/RSUs exercisable/vestable within 60 days | % Outstanding |
|---|---|---|---|
| Cristin Hubbard | — | — | <1% (“*”) . |
- Stock ownership guidelines: NEOs must hold shares/qualifying unvested RSUs equal to 2x base salary; new officers have three years to comply; except for individuals who joined since Dec 2023, all directors/NEOs were in compliance as of Dec 31, 2024 .
- Anti-hedging/anti-pledging: Directors and employees are prohibited from hedging, short sales, options, margin, and pledging activities in BioMarin stock .
- Insider trading policy: Designated Insiders (including NEOs) require pre-clearance for trades except under approved Rule 10b5-1 plans .
Outstanding equity at FY2024 year-end (12/31/2024)
| Instrument | Count | Vest status | Market/Exercise data |
|---|---|---|---|
| Stock options (5/20/2024) | 33,520 unexercisable | 25% vest 5/20/2025; then monthly thereafter . | Exercise $77.05 vs 12/31/2024 stock price $65.73 (options out-of-the-money at year-end) . |
| Service-based RSUs (aggregate) | 19,390 unvested | Includes sign-on and annual SBRSUs; vests per 2-year and 4-year schedules . | $1,274,505 market value at $65.73 on 12/31/2024 . |
| PRSUs – relative TSR | 17,620 target unearned | 3-year performance through 12/31/2026 . | $1,158,163 target value at $65.73 . |
| PRSUs – strategic goals | 11,750 target unearned | 3-year performance through 12/31/2026 . | $772,328 target value at $65.73 . |
Vesting/selling pressure cadence (key dates):
- 5/20/2025: First vesting events for sign-on RSUs (50%), annual SBRSUs (25%), and 25% of stock options; PRSUs do not vest until after 12/31/2026 .
- There were no vested awards or option exercises reported for Ms. Hubbard in 2024, consistent with a May 2024 start and standard cliff vesting schedules .
Employment Terms
- Start date and role: Appointed EVP and Chief Commercial Officer effective May 20, 2024 .
- Ongoing compensation components: Base salary $630,000; service-based RSUs $1.25 million (4-year vest); PRSUs $2.5 million (60% rTSR; 40% strategic goals; 3-year 2024–2026); options $1.25 million (25% at 1-year then monthly); annual cash incentive target 60% of base .
- Sign-on awards: $600,000 cash bonus and $400,000 in sign-on service-based RSUs (2-year vest at 50%/50%); full clawback of sign-on cash/relocation if resign within two years without good reason or terminated for cause .
- Clawback policy: Company maintains Dodd-Frank and Nasdaq-compliant clawback (adopted Oct 4, 2023) in addition to historical policy .
- Nonqualified Deferred Compensation Plan: NEOs may elect to defer up to 100% of RSUs and up to 50% of salary and annual cash incentive, within plan limits .
- Severance and CIC economics (estimated at 12/31/2024):
- Involuntary termination without cause: $1,512,000 cash severance; $378,000 cash incentive; $395,826 stock award acceleration; $28,052 COBRA; $25,000 outplacement; total $2,338,878 .
- Change in control – continued employment: $3,204,995 stock award vesting acceleration; total $3,204,995 .
- Change in control – terminated: $2,016,000 cash severance; $378,000 cash incentive; $3,204,995 stock award acceleration; $37,403 COBRA; $25,000 outplacement; total $5,661,398 .
- Context: Company equity plan includes non-liberal CIC definition, prohibits repricing without shareholder approval, and subjects awards to clawback per plan and listing rule requirements .
Investment Implications
- Pay-for-performance alignment: High at-risk mix with long-term equity (options, SBRSUs, PRSUs) and PRSUs tied 60% to relative TSR and 40% to strategic milestones over 3 years align incentives with shareholder outcomes; PRSUs do not vest until after 12/31/2026, encouraging multi-year execution .
- Retention and timing signals: Two-year sign-on RSUs and four-year vesting on annual equity, plus 1-year cliffs on options/SBRSUs, create retention hooks; the first major vest date (5/20/2025) could prompt programmed selling for tax-liquidity via 10b5-1 plans, though anti-hedging/pledging limits speculative trades .
- Ownership alignment: NEO ownership guideline of 2x salary with a three-year compliance ramp, combined with anti-pledging policy, supports alignment; as a 2024 hire, Ms. Hubbard is within the compliance window and had no disclosed beneficial ownership as of 3/14/2025, but holds substantial unvested equity that will drive future alignment .
- CIC economics and M&A considerations: The proxy discloses equity vesting acceleration value upon change in control even with continued employment ($3.205 million), which can be viewed as a single-trigger feature and may modestly increase deal costs/dilution considerations in a transaction .
- Performance backdrop: FY2024 revenue scaled to $2.854 billion and GAAP net income to $426.9 million; however, FY2024 TSR underperformed peers (value of $100 investment of $77.74 vs peer $118.20), making outperformance against rTSR benchmarks a key determinant of realized PRSU value during Ms. Hubbard’s initial performance cycle .