Pablo Cagnoni
INCYTEAbout Pablo Cagnoni
Pablo J. Cagnoni, M.D., is President, Research & Development at Incyte (appointed April 2023). He holds an M.D. from the University of Buenos Aires and completed post-doctoral training in hematology/oncology at Mount Sinai Medical Center and in stem cell transplantation at the University of Colorado. In 2024, Incyte delivered $4.2B in total revenues (+15% YoY), driven by Jakafi ($2.8B, +8%) and rapid growth of Opzelura ($508M, +50%), alongside significant pipeline milestones and the FDA approval of Niktimvo in January 2025—achievements aligned with his R&D leadership remit .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Onyx Pharmaceuticals | President; EVP Global R&D and Technical Operations | 2013–2015 | Led global R&D and operations at a leading oncology company |
| Novartis | SVP, Global Head of Clinical Development | 2009–2013 | Directed global clinical development across therapeutic areas |
| Allos Therapeutics | SVP & Chief Medical Officer | 2007–2009 | Advanced oncology clinical programs and medical affairs |
| OSI Pharmaceuticals | CMO & VP Clinical Research/Medical Affairs | 2004–2007 | Oversaw clinical development and medical affairs in oncology |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CRISPR Therapeutics | Director | 2015–2019 | Board oversight for pioneering gene-editing platform |
| Rubius Therapeutics | CEO & Director | 2018–2019 | Led engineered red cell therapeutics strategy |
| Tizona Therapeutics | President & CEO | 2015–2018 | Built immuno-oncology pipeline and operations |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (set; $) | $900,000 | $936,000 |
| Salary Paid (reported; $) | $517,808 | $933,344 |
| Target Bonus ($) | — | $702,000 (2024 annual incentive target) |
| Actual Bonus Paid ($) | $735,750 | $1,042,470 |
Performance Compensation
| Incentive Type | Performance Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Corporate/operational goals (ESG included in plan) | — | $702,000 | $1,042,470 (paid) | Annual |
| Performance Share Units (PSUs, 2024 grant) | Total Shareholder Return (TSR) | 50% of executive equity mix (2024/2025) | 49,627 shares (max 99,254) | Grant-date fair value $3,188,535 | 3-year cliff |
| RSUs (Jan 18, 2024) | Time-based | 20% of executive equity mix | 21,843 shares | Grant-date fair value $446,900 | 4-year, min 12 months |
| RSUs (Jul 15, 2024) | Time-based | 20% of executive equity mix | 19,851 shares | Grant-date fair value $1,275,427 | 4-year, min 12 months |
| Stock Options (Jul 15, 2024) | Time-based (exercise price $64.25) | 30% of executive equity mix | 44,411 options | Grant-date fair value $957,391 | 4-year, min 12 months |
Notes: Incyte’s executive equity program emphasizes at-risk pay, with PSUs wholly based on TSR for 2024/2025; performance shares have 3-year performance periods; RSUs and options vest over 4 years and have minimum 12-month vesting; double-trigger equity vesting applies on change-in-control .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (common shares) | 21,847 | As of April 15, 2025; less than 1% of shares outstanding (193,569,840) |
| Unvested RSUs (initial grant) | 192,400 | Vests in four equal tranches commencing June 1, 2026 |
| Additional Unvested RSUs | 7,251 (2023 grant); 19,851 (2024 grant) | Outstanding at 12/31/2024 |
| Options Outstanding (unexercisable) | 44,411 (granted 7/15/2024; $64.25 strike) | Expires 7/14/2034 |
| PSUs (unearned; target) | 49,627 | 2024 grant; payout contingent on TSR |
| Hedging/Pledging | Robust anti-hedging and anti-speculation; no pledging disclosed | Company policy prohibits hedging/speculative trading; pledging not disclosed |
| 10b5-1 Trading Plans | None disclosed for Cagnoni in Q3’25 | Item 5 lists plans for other executives; Cagnoni not listed |
Employment Terms
| Provision | Pre–Change-in-Control (Offer Letter, Apr 2023) | Change-in-Control (Employment Agreement; Exec VPs) | Executive Severance Plan (Adopted Oct 27, 2025) |
|---|---|---|---|
| Cash Severance | 2 years of base salary + target bonus | 2× (base salary + greater of target or prior-year bonus); plus pro-rata current-year bonus | 1× (base salary + target bonus) |
| Benefits | COBRA premiums for 2 years | COBRA premiums up to 12 months; continued life/disability insurance 12 months | COBRA premiums up to 12 months; basic life insurance up to 12 months; outplacement 12 months |
| Equity Acceleration | Immediate vesting of next tranche of initial RSU | Full acceleration of unvested options/RSUs; PSUs accelerate at actual or target level per plan | Not specified (plan addresses cash/benefits) |
| Triggers | Termination without cause or for good reason (prior to CIC) | Termination without cause or constructive termination within 24 months post-CIC (double-trigger) | Termination without cause or for good reason (outside CIC window) |
| Restrictive Covenants | — | — | 12-month non-compete, non-solicit, non-disparagement; confidentiality; cooperation; release requirement |
Notes: Incyte maintains a clawback policy and double-trigger equity vesting on CIC; PSUs accelerate at actual or target per award terms; executive trading must be via pre-cleared 10b5-1 plans .
Performance & Track Record
- R&D Milestones: FDA approval of Niktimvo (axatilimab-csfr) for cGVHD in January 2025; sBLAs filed for retifanlimab (SCAC) and tafasitamab (FL) with approvals anticipated in 2H 2025; multiple Phase 3/Phase 1 program advances (BETi, CDK2, povorcitinib) .
- Financial Outcomes: 2024 revenues $4.2B (+15%); Jakafi $2.8B (+8%); Opzelura $508M (+50%); royalties $579M (+11%) .
- Public Commentary: As President, R&D, Cagnoni highlighted positive Phase 1 PoC results for bispecific TGFβR2×PD-1 antibody and KRAS G12D inhibitor ahead of ESMO 2025 presentations .
Compensation Structure Analysis
- At-Risk Pay Emphasis: 50% PSUs, 30% options, 20% RSUs for executive equity awards in 2024/2025; PSUs entirely TSR-based with 3-year performance period—strong pay-for-performance alignment .
- Governance Safeguards: Clawback policy; robust anti-hedging; double-trigger CIC equity vesting; minimum 12-month vesting on RSU/option awards .
- Severance Evolution: 2025 Executive Severance Plan standardizes non-CIC severance at 1× base + target bonus with 12-month covenants, complementing existing CIC agreements (2× cash and full acceleration) .
- Shareholder Voice: Annual say-on-pay support historically received since 2011; 2025 proposal again seeks approval .
Investment Implications
- Alignment: TSR-based PSUs and high equity mix support alignment; non-CIC severance covenants add retention hooks, while substantial unvested RSUs commencing in 2026 create multi-year retention incentives .
- Retention/Turnover Risk: Pre-CIC severance (2 years salary + target bonus) is protective; CIC terms (2× cash + acceleration) could incentivize stability but represent meaningful change-of-control economics for investors to monitor .
- Trading Signals: No Q3’25 10b5-1 plan disclosed for Cagnoni; combined with anti-hedging and pre-clearance policies, near-term insider selling pressure indicators appear limited from disclosed plans .
- Execution: 2024–2025 operational and regulatory progress (Niktimvo approval; pending sBLAs; advancing late-stage programs) supports value creation potential under R&D leadership, but TSR outcomes will ultimately drive PSU realizations and perceived pay-for-performance .