Richard S. Geary
IONIS PHARMACEUTICALSAbout Richard S. Geary
Richard S. Geary, Ph.D., is Executive Vice President and Chief Development Officer at Ionis Pharmaceuticals; he is 67 years old as of February 13, 2025 and will retire effective January 2026, continuing as a strategic consultant through 2026 . He joined Ionis in 1995 and has led dozens of development programs, submitting over 50 INDs and achieving six FDA/EU approvals, including TRYNGOLZA (olezarsen), Ionis’ first independently commercialized medicine . Company performance context: Ionis reported $705 million in 2024 revenue and ended 2024 with $2.3 billion in cash and short-term investments . Ionis’ PRSU cycle for grants made in 2022 paid out at 150% based on 11.54% TSR and 77th percentile relative TSR, evidencing alignment of equity incentives with shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ionis Pharmaceuticals | Various roles culminating in EVP, Chief Development Officer | 1995–2026 | Led dozens of development programs; >50 INDs; six FDA/EU approvals including TRYNGOLZA |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public-company directorships or external roles disclosed in Ionis’ 2025 DEF 14A or FY2024 10-K for Geary |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $546,694 | $569,655 | $593,865 |
| Target Bonus (%) | 40% | 40% | 40% |
| Actual Bonus Paid ($) | $341,684 | $427,241 | $400,859 |
| All Other Compensation ($) | $27,247 | $16,917 | $17,666 |
| Current Base Salary | 2025 |
|---|---|
| Base Salary ($) | $622,074 effective Dec 22, 2024 |
Performance Compensation
| Equity Grant Fair Value | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| RSUs ($) | $505,595 | $685,699 | $1,092,216 |
| PRSUs ($, at target) | $323,127 | $422,899 | $666,485 |
| Options ($) | $530,630 | $436,882 | $701,057 |
| 2024 MBO Structure | Value |
|---|---|
| Company Performance Factor | 125% |
| Individual Performance Factor | 135% |
| Target MBO % (of base) | 40% |
| Resulting MBO Award ($) | $400,859 |
| PRSU Performance (2022 Grant Cycle) | Outcome |
|---|---|
| Performance Period | 3 years; single vest at end of period |
| Ionis TSR | 11.54% |
| Relative TSR Percentile | 77th |
| Payout vs Target | 150% |
| Shares Earned (Geary) | 3,820 |
| Design Features | Max payout requires 90th percentile; negative TSR caps payout at 100% of target |
| 2024 Vesting/Realization | Amount |
|---|---|
| Shares Acquired on Vesting (#) | 23,672 |
| Value Realized on Vesting ($) | $1,207,753 |
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Beneficial Ownership (Shares) | 310,882 |
| Ownership % of Outstanding | <1% (star designation) |
| Options Exercisable by May 30, 2025 (Shares) | 211,390 |
| Anti-Pledging/Hedging Policy | Company prohibits pledging, shorting, or hedging by directors and employees |
| Stock Ownership Guidelines | Executive and director ownership/holding guidelines maintained (details not disclosed per-executive) |
| Clawback Policy | Applies to all Section 16 officers; aligned with SEC/Nasdaq 2023 rules |
Outstanding equity awards (as of Dec 31, 2024):
- RSUs (unvested and market value):
- 1/15/2021: 5,678 units; $198,503
- 1/15/2022: 7,642 units; $267,164
- 1/15/2023: 12,905 units; $451,159
- 1/15/2024: 20,400 units; $713,184
- PRSUs (unearned and market/payout value):
- 1/15/2022: 1,273 units; $44,504
- 1/15/2023: 3,584 units; $125,297
- 1/15/2024: 4,250 units; $148,580
Option awards (as of Dec 31, 2024):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 1/2/2018 | 58,125 | — | 49.25 | 1/1/2025 |
| 1/2/2019 | 57,900 | — | 53.77 | 1/1/2026 |
| 1/2/2020 | 54,461 | — | 60.89 | 1/1/2027 |
| 1/4/2021 | 50,042 | 1,065 | 56.78 | 1/3/2028 |
| 1/3/2022 | 22,289 | 8,278 | 32.60 | 1/2/2032 |
| 1/3/2023 | 10,994 | 11,948 | 37.58 | 1/2/2033 |
| 1/2/2024 | — | 27,200 | 52.87 | 1/1/2034 |
Insider trading note:
- Late Section 16 filing: One report covering a sale of common stock pursuant to a Rule 10b5-1 plan on August 28, 2024 filed late on September 3, 2024 .
Employment Terms
Severance Benefit Plan (amended and restated March 17, 2022):
- Non–Change in Control (EVP): Lump sum of then-current monthly base salary for 12 months; accelerated vesting of equity that would have vested in that period; continued medical/dental coverage for 12 months; release with non‑solicitation/non‑disparagement required; no tax gross‑ups (subject to potential 280G cutdown for after‑tax benefit) .
- Change in Control (EVP; double trigger within 3 months before to 12 months after CIC): Lump sum of then-current monthly base salary for 18 months, payment of then‑current target bonus, full acceleration of all stock options and RSUs outstanding, and continued medical/dental coverage for 18 months; no tax gross‑ups (subject to 409A/280G rules) .
Estimated payments for Geary as of Dec 31, 2024:
| Scenario | Total Estimated Payment |
|---|---|
| Change in Control Event | $1,287,860 |
| Non–Change in Control Event | $621,027 |
Additional terms:
- Clawback: Executive clawback policy in place aligned with SEC/Nasdaq requirements .
- Anti‑hedging/pledging: Prohibited for directors and employees .
- Perquisites and tax gross‑ups: Company does not provide perquisites; no gross‑ups except relocation .
- Post‑retirement consulting: Geary to serve as strategic consultant through 2026, supporting transition to successor CDO .
Investment Implications
- Pay-for-performance alignment: Geary’s compensation skews to variable and equity-based pay (RSUs, PRSUs, options) with PRSUs tied to 3‑year relative TSR; 2022 PRSU cycle paid 150% on 77th percentile TSR performance, reinforcing alignment with shareholder returns .
- Vesting and potential selling pressure: Significant unvested RSUs and PRSUs (total RSUs 46,625 units; PRSUs 9,107 units) could create periodic supply as they vest; options extend to 2034 with increased 10‑year term for grants since 2022, but hedging/pledging bans reduce adverse alignment risks .
- Severance/change‑of‑control economics: Moderate severance with double‑trigger equity acceleration; estimated CIC payout ~$1.29 million, non‑CIC ~$0.62 million, limiting windfalls while ensuring retention through strategic transitions .
- Retention/transition risk: Announced retirement effective January 2026 and subsequent consulting role mitigates execution risk; breadth of development leadership and approvals history suggests strong succession planning but underscores the need to monitor portfolio execution post‑transition .
- Governance signals: Strong say‑on‑pay support (96%) and robust clawback/anti‑hedging/anti‑pledging policies support compensation quality; a single late Section 16 filing for a 10b5‑1 sale is noted but not unusual .