Percy Carter
Chief Scientific Officer at BPMC
Executive
About Percy Carter
Percy H. Carter, age 54, is Chief Scientific Officer at Blueprint Medicines since May 2021. He holds an A.B. in Chemistry (Dartmouth), a Ph.D. in Organic Chemistry (Harvard), and an MBA (MIT), and is inventor/co-inventor on 28 U.S. patents with 80+ publications . Company performance metrics relevant to his scope include AYVAKIT net product revenue of $479M in 2024 (+135% YoY) and corporate goal achievement assessed at 130% for 2024, with cash burn reduced by >50% and year-end cash of $863.9M . Executive long-term incentives are linked to three-year relative TSR vs the S&P Biotech Index with a 0–200% payout range and a cap at 100% if TSR is negative .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FibroGen, Inc. | Chief Scientific Officer | Sep 2020 – May 2021 | Led scientific strategy in fibrosis/oncology |
| Janssen Pharmaceuticals (J&J) | Global Head, Discovery Sciences | Jun 2019 – Sep 2020 | Led >700 employees; synthetic discovery strategy across therapeutic areas |
| Bristol-Myers Squibb | SVP & Head of Discovery; Head of Discovery Chemistry & Molecular Technologies; prior discovery roles | Aug 2001 – May 2019 | Discovery leadership across platforms and stages; advanced multiple programs |
| DuPont Pharmaceuticals | Senior Research Scientist, Chemical & Physical Sciences | Pre-2001 (until acquisition by BMS) | Discovery research prior to BMS acquisition |
External Roles
| Organization | Role | Years |
|---|---|---|
| Cellarity | Board of Directors | Since 2024 |
| HiFiBio Therapeutics | Board of Directors | 2022 – 2025 |
| Wood Hudson Cancer Research Laboratory | Chairman of the Board | Current |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 567,050 | 592,567 | 619,233 |
| Target Bonus % | — | — | 50% |
| Actual Bonus Paid ($) | 269,348 | 340,726 | 417,982 |
| All Other Compensation ($) | 51,638 | 53,567 | 59,715 |
Performance Compensation
Annual Cash Incentive Structure (2024)
| Component | Weighting | Target ($) | Actual Performance | Payout ($) |
|---|---|---|---|---|
| Corporate Goals | 75% | 232,212 | 130% achieved (weighted 50/30/20 for revenue/pipeline/financial discipline) | 301,876 |
| Individual Goals | 25% | 77,404 | 150% achieved | 116,106 |
| Total Bonus | — | 309,616 | — | 417,982 |
Corporate metrics and weighting: 50% Expand SM leadership and AYVAKIT revenue growth; 30% pipeline execution (BLU-808 IND/Phase 1, elenestinib Phase 3 initiation); 20% financial discipline (cash burn < $300M, cash > $800M, engagement/turnover targets) .
Equity Grants (March/July 2024)
| Instrument | Shares | Grant Date | Key Terms |
|---|---|---|---|
| Stock Options | 25,000 | 3/1/2024 | Exercise price $95.12; vest 1/48 monthly over 4 years; 10-year term |
| RSUs (annual) | 12,500 | 3/1/2024 | Vest 25% annually over 4 years (Mar 1, 2025–2028) |
| RSUs (promotion) | 7,500 | 7/1/2024 | Vest 25% annually (Jul 1, 2025–2028) |
| PSUs (rTSR) | 5,000 | 3/1/2024 | 3-year performance vs S&P Biotech Index; payout 0–200%; negative TSR cap at 100%; vest Mar 1, 2027 |
PSU payout curve: 25th percentile 50%; 50th 100%; 75th 150%; 100th 200%; linear interpolation; negative TSR cap at 100% . Administrator certifies awardable PSUs post-cycle; sale-event provisions allow target-or-actual determination with double-trigger vesting mechanics .
Outstanding Option Awards (Selected)
| Grant | Exercisable | Unexercisable | Strike ($) | Expiration |
|---|---|---|---|---|
| 6/1/2021 | 34,300 | 4,900 | 89.16 | 6/1/2031 |
| 3/1/2022 | 12,031 | 5,469 | 61.31 | 3/1/2032 |
| 3/1/2023 | 10,937 | 14,063 | 43.15 | 3/1/2033 |
| 3/1/2024 | 4,687 | 20,313 | 95.12 | 3/1/2034 |
Vesting and Realizations (2024)
| Metric | 2024 |
|---|---|
| RSUs Vested (shares) | 10,774 |
| RSUs Vested (value) | $1,081,836 |
| Options Exercised (shares) | 0 |
Equity Ownership & Alignment
| Ownership Metric (as of 3/31/2025) | Value |
|---|---|
| Beneficial Ownership (shares) | 93,078 (includes 19,093 common + 73,985 options/RSUs exercisable/vesting within 60 days) |
| % of Shares Outstanding | <1% (*) |
| Stock Ownership Guidelines | 1x base salary for named executive officers; only owned shares and RSUs count; in-the-money options and unearned PSUs excluded; all NEOs in compliance |
| Hedging/Pledging | Prohibited for directors and employees; no margin accounts/pledging |
Employment Terms
- Employment Agreement: At-will with severance and change-in-control protections; confidential information and inventions assignment; 12-month non-compete and non-solicit post-employment .
- Severance (no CIC): 1x base salary paid over 12 months; 12 months medical/dental cash payments .
- Change-in-Control (double trigger): 1.5x base salary + 1.5x target bonus lump sum; 18 months medical/dental cash payments; full and immediate vesting of time-based equity; PSU treatment per award agreement/sale event rules .
- Estimated CIC Economics (if successor assumes awards and termination within 12 months): Severance $928,850; cash incentive $464,425; benefits $43,355; equity award acceleration value $5,094,545 (based on $87.22 share price and certified PSU payout assumptions) .
- Clawback Policy: Updated 2023 for restatement recovery of erroneously awarded incentive compensation for current/former executive officers .
- 280G/4999 Gross-Up Letters (Merger): In connection with 2025 merger, company entered into letter agreements with certain executives to reimburse excise taxes (including make-whole) tied to parachute payments, capped in aggregate at $25M; payments proportionally reduced if cap exceeded .
Investment Implications
- Alignment: Significant at-risk pay via PSUs and options; three-year rTSR PSUs with negative TSR cap promote relative performance without rewarding negative absolute outcomes; stock ownership guidelines exclude in-the-money options/unearned PSUs, reinforcing true ownership .
- Retention Risk: Double-trigger CIC benefits and full acceleration of time-based equity, plus meaningful RSU grants in 2024, reduce departure risk but can create overhang in a sale event; PSU sale-event rules provide target-or-actual determination with vesting tied to termination timing .
- Selling Pressure: RSU vesting of 10,774 shares in 2024 and regular annual vesting schedules may create periodic supply; options were not exercised in 2024, mitigating immediate selling pressure .
- Governance Red Flags: 2025 excise tax gross-up letters during merger (aggregate cap $25M) are shareholder-unfriendly versus proxy’s general “no tax gross-ups”; note also one late Form 4 for Carter due to administrative oversight in 2024 .
- Performance Linkage: 2024 corporate goals achieved at 130% (AYVAKIT revenue growth, pipeline execution, financial discipline), supporting bonus payouts at target-plus for Carter (corporate 130%, individual 150%) .