Gregory R. Friberg
Executive Vice President and Chief Research & Development Officer at 
BIOMARIN PHARMACEUTICAL
BIOMARIN PHARMACEUTICALExecutive
About Gregory R. Friberg
Gregory R. Friberg, M.D. is Executive Vice President and Chief Research & Development Officer at BioMarin, appointed effective September 30, 2024; he leads discovery research, preclinical, translational and clinical programs, and global regulatory and medical affairs . He spent 18 years at Amgen, most recently as Vice President, Global Medical Affairs, Rare Disease, and previously led global development for hematology/oncology and bone portfolios; he advanced multiple medicines from IND filing through late-stage development, and earlier served on the faculty of the University of Chicago . Dr. Friberg holds an A.B. in Biochemistry from Middlebury College and an M.D. from New York Medical College, completed an Internal Medicine residency at Dartmouth-Hitchcock, and a Hematology/Oncology fellowship at the University of Chicago Medical Center; he is a member of ASCO and AACR . His incentive compensation is tied to multi-year performance (relative TSR and strategic goals measured 2024–2026), and his 2024 annual cash incentive payout was funded at 115% of target and paid $123,068, reflecting prorated participation after his start date; company-wide AIP funding was 130% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amgen | Vice President, Global Medical Affairs, Rare Disease; previously head of global development for hematology/oncology and bone portfolios | 18 years | Advanced multiple medicines from IND filing through late-stage development |
| University of Chicago | Faculty | Not disclosed | Academic and clinical leadership; foundation for hematology/oncology expertise |
External Roles
| Organization | Role | Years |
|---|---|---|
| American Society of Clinical Oncology (ASCO) | Member | Not disclosed |
| American Association for Cancer Research (AACR) | Member | Not disclosed |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base salary | $161,538 | Partial-year after appointment on Sept 30, 2024 |
| Signing bonus | $250,000 | “Make-whole” component for prior employer bonus forfeiture |
| Annual cash incentive target | 60% of base salary | Prorated based on start date |
| 2024 funding level and payout | 115% funded; $123,068 paid in March 2025 | Position-based target; prorated for start date |
| All other compensation (perqs) | $102,719 | Includes $74,142 rental housing allowance, $20,000 relocation allowance; also 401(k) match and imputed life insurance income |
Sign-on RSUs: $650,000 of service-based RSUs vest 50% on each anniversary of Sept 30, 2024 (i.e., Sept 30, 2025 and Sept 30, 2026), subject to continued service .
Performance Compensation
Annual Cash Incentive (AIP)
| Metric | Target | 2024 Funding | Payout | Vesting/Payment |
|---|---|---|---|---|
| Position-based corporate/individual goals | 60% of base salary | 115% (Friberg); company pool funded at 130% | $123,068 | Paid March 2025 |
Service-based RSUs
| Grant | Grant Date | Shares | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| Sign-on RSUs | 9/30/2024 | 7,870 | $553,182 | 50% on each anniversary of 9/30/2024 over 2 years (subject to service) |
| Ongoing RSUs | 9/30/2024 | 21,190 | $1,489,445 | 25% on each of the first, second, third and fourth anniversaries of grant date (subject to service) |
| Total non-vested RSUs at 12/31/2024 | — | 29,060 | Market value $1,910,114 at $65.73 close | As scheduled above |
Performance-based RSUs (PRSUs)
| Metric | Weighting | Grant Date | Threshold / Target / Max Shares | Grant Date Fair Value | Performance Period | Vesting |
|---|---|---|---|---|---|---|
| Relative Total Shareholder Return | 60% | 9/30/2024 | 12,715 / 25,430 / 50,860 | $1,858,679 target; $3,717,358 max | 2024–2026 | Earned at end of period, if at all; subject to service |
| Strategic goals | 40% | 9/30/2024 | 8,475 / 16,950 / 33,900 | $1,191,416 target; $2,382,832 max | 2024–2026 | Earned at end of period, if at all; subject to service |
| Total unearned PRSUs (target) at 12/31/2024 | — | — | 42,380 (25,430 + 16,950) | Market values $1,671,514 (TSR) and $1,114,124 (strategic) at $65.73 close | — | — |
Notes:
- Maximum payout for PRSUs is 200% of target shares .
- 2024 PRSUs for all NEOs measure performance over 2024–2026; vesting after Dec 31, 2026 .
Stock Options
| Grant Date | Options (#) | Exercise Price | Expiration | Vesting |
|---|---|---|---|---|
| 9/30/2024 | 49,850 | $70.29 per share | 9/29/2034 | 25% at 1-year anniversary, then 1/48 monthly thereafter (subject to service) |
Item 402(x) timing disclosure: Option grant on 9/30/2024 occurred close in time to an SEC filing window; percent change in closing market price around the disclosure was (0.16)% .
2024 Summary Compensation (as reported)
| Component | 2024 Amount |
|---|---|
| Salary | $161,538 |
| Bonus | $250,000 |
| Stock Awards | $5,092,722 |
| Option Awards | $1,491,512 |
| Non-Equity Incentive (AIP) | $123,068 |
| All Other Compensation | $102,719 |
| Total | $7,221,559 |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (as of March 14, 2025) | No shares beneficially owned; “—” shown in table; less than 1% |
| Shares subject to options and RSUs vesting within 60 days | “—” shown in table for Dr. Friberg |
| Outstanding equity at 12/31/2024 | Options: 49,850 at $70.29 expiring 9/29/2034 ; Non-vested RSUs: 29,060 MV $1,910,114 ; Unearned PRSUs (target): 25,430 (TSR) MV $1,671,514 and 16,950 (strategic) MV $1,114,124 |
| Stock ownership guidelines | EVPs must hold value of shares and qualifying unvested RSUs equal to 2× base salary; newly appointed officers have 3 years to comply |
| Compliance status | New appointees since Dec 2023 (including Dr. Friberg) have 3 years; others in compliance as of 12/31/2024 |
| Hedging/pledging | Prohibited for all directors and employees, including margin and pledging activities |
| Insider trading controls | Designated Insiders may only trade with prior approval; exceptions for approved Rule 10b5-1 plans; blackout periods apply |
Alignment takeaways:
- Significant unvested RSUs and PRSUs create strong long-term alignment; options struck at $70.29 were out-of-the-money at $65.73 close on 12/31/2024, reducing near-term exercise pressure . Anti-pledging policy lowers forced-selling risk .
Employment Terms
| Provision | Involuntary Termination without Cause | Change in Control – Continued Employment | Change in Control – Terminated |
|---|---|---|---|
| Cash severance | 150% of current annual base salary + 150% of target annual cash incentive, in lump sum; NEO also receives prorated target annual incentive | — | 200% of current annual base salary + 200% of target annual cash incentive, in lump sum; plus prorated target annual incentive |
| Equity vesting | Additional 12 months of vesting of unvested service-based awards and target amounts of PRSUs | 100% vesting of all unvested service-based awards and target amounts of PRSUs | 100% vesting of all unvested service-based awards and target amounts of PRSUs |
| Benefits | COBRA premiums for 18 months; outplacement and legal support | — | COBRA premiums for 24 months; outplacement and legal support |
| 280G treatment | — | — | Best-net (full pay vs cut-back) to maximize after-tax compensation |
| Timing/conditions | Cash portions paid 60 days after termination subject to release; similar timing applies for CIC termination |
Estimated values (as of a hypothetical 12/31/2024 trigger):
- Involuntary termination: Cash severance $1,210,524; prorated cash incentive $107,016; stock award vesting acceleration $606,819; COBRA $85,132; outplacement $25,000; total $2,034,491 .
- Change in control – continued employment: Stock award vesting acceleration $4,695,751, relating to 29,060 service-based RSUs and 42,380 PRSUs (target); total $4,695,751 .
- Change in control – terminated: Cash severance $1,614,032; prorated cash incentive $107,016; stock award vesting acceleration $4,695,751; COBRA $113,509; outplacement $25,000; total $6,555,308 .
Additional terms:
- Equity plans prohibit option repricing without shareholder approval and include clawback applicability under SEC/Nasdaq rules ; the company adopted a compliant clawback policy on Oct 4, 2023 .
- Sign-on and relocation repayments: Must repay 100% of sign-on bonus and any relocation expenses if he resigns without good reason or is terminated for cause within 2 years of start; relocation benefits may include a $500,000 home purchase bonus (within 18 months), $140,000 rental housing allowance, and $20,000 relocation allowance .
Performance Compensation Structure Details
| Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| PRSUs | Relative TSR | 60% | Target shares 25,430 | Not yet determined (2024–2026) | 0–200% of target | Cliff at end of performance period, subject to service |
| PRSUs | Strategic goals | 40% | Target shares 16,950 | Not yet determined (2024–2026) | 0–200% of target | Cliff at end of performance period, subject to service |
| AIP | Corporate/individual goals | — | 60% of base salary | Funded at 115% (Friberg); company pool 130% | $123,068 | Paid March 2025 |
Investment Implications
- Alignment and retention: Large, multi-year PRSU exposure tied 60% to relative TSR and 40% to strategic goals over 2024–2026 creates strong pay-for-performance linkage; time-based RSUs with 4-year vesting and sign-on RSUs with 2-year vesting add retention hooks, while anti-hedging/pledging and ownership guidelines further align interests with shareholders .
- Selling pressure: As of 12/31/2024, options were struck at $70.29 vs $65.73 market (out-of-the-money), and he had no beneficial ownership reported as of March 14, 2025; near-term forced selling risk appears low, though scheduled RSU vesting dates will periodically deliver stock that may be sold under pre-cleared or 10b5-1 plans .
- Change-in-control economics: Equity acceleration on a change in control occurs even without termination (single-trigger for EVPs), while cash severance rises to 2× salary+bonus with best-net 280G treatment if terminated; this can be attractive in sale scenarios but raises potential windfall optics versus double-trigger designs .
- Execution track record: Deep development background (IND to late-stage) and rare disease medical affairs leadership at Amgen support execution confidence for BioMarin’s R&D portfolio; AIP payout at 115% (prorated) indicates positive initial performance contribution in 2024 .