Aamir Malik
PFIZERAbout Aamir Malik
Aamir Malik is Pfizer’s Chief U.S. Commercial Officer and Executive Vice President, appointed to the role during Pfizer’s 2023 commercial reorganization; he leads the U.S. Commercial Division and sits on the Executive Leadership Team . In 2024 his U.S. Commercial Division generated $26.8B in revenue (+39% YoY vs 2023), with notable market share gains for Comirnaty and Abrysvo, the Paxlovid commercialization transition, and strong growth in Eliquis (+14%), Nurtec (+31%) and Vyndaqel family (+90%) . Company-level performance context: Pfizer reported 2024 total revenues of $63.6B (7% operational growth; 12% ex‑COVID) and delivered above-maximum results for annual incentive purposes on Total Revenue, Adjusted Diluted EPS, and Cash Flow from Operations; despite this, year-end 2024 TSR was –5.3% (1Y), –48.5% (3Y), –11.4% (5Y) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pfizer Inc. (U.S. Commercial Division) | Chief U.S. Commercial Officer, EVP | 2023–Present | Led U.S. revenue to $26.8B in 2024 (+39% YoY); drove vaccine contract wins, Paxlovid transition to NDA, and strong growth in Eliquis, Nurtec, Vyndaqel family |
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Salary | $1,294,800 | $1,344,825 |
| Stock Awards (PSAs accounting value) | $1,336,257 | $1,127,148 |
| Option/TSRU Awards (grant-date accounting value) | $2,190,418 | $2,475,933 |
| Non-Equity Incentive (Annual Bonus) | $0 | $3,093,200 |
| All Other Compensation | $599,259 | $253,164 |
| Total | $5,420,734 | $8,294,270 |
2025 compensation actions:
| Item | 2025 Detail |
|---|---|
| Salary (effective Apr 1, 2025) | $1,396,989 |
| Target Annual Incentive | 100% of salary; target $1,386,956 (est. for table purposes) |
| 2025 LTI Award Value | $4,500,000 (50% PSAs; 50% TSRUs) |
| Total Direct Compensation (2025 plan) | $7,283,945 |
Perquisites/governance policies: No tax gross-ups on perqs (except certain relocation); aircraft use limited/approved; up to $15,000 financial counseling; hedging and pledging prohibited for all executives .
Performance Compensation
Annual incentive (Global Performance Plan) structure and 2024 outcomes:
| Metric | Weight | 2024 Threshold | 2024 Target | 2024 Maximum | 2024 Result (for plan funding) |
|---|---|---|---|---|---|
| Total Revenue | 40% | $55.7B | $59.7B | $63.7B | $63.7B (at max) |
| Adjusted Diluted EPS | 40% | 1.96 | 2.16 | 2.36 | 3.15 (above max) |
| Cash Flow from Operations | 20% | $2.6B | $4.0B | $5.4B | $13.0B (significantly above max) |
| Modifiers (Pipeline up to ±25 pp; ESG up to ±5 pp) | Up to ±30 pp | — | — | Cap 200% | Considered by Committee |
- Malik’s 2024 annual incentive: Target 100% of salary; actual award $3,093,200 based on corporate and individual performance .
Long-term incentives (design and 2024 awards):
- Structure: 50% PSAs (Adjusted Net Income with annual goals + 3-yr relative TSR vs DRG; cap at target if TSR negative), 25% 5‑year TSRUs (absolute TSR), 25% 7‑year TSRUs (absolute TSR) .
- 2024 grant values by vehicle (Malik): $1.125M (5‑yr TSRUs), $1.125M (7‑yr TSRUs), $2.25M (PSAs); total $4.5M .
- 2024 grant specifics (counts/terms):
- TSRUs: 161,160 units @ $26.89 (expire 2/27/2029) and 142,400 units @ $26.89 (expire 2/27/2031) .
- PSAs (target): 41,917 (2024 grant; goals set annually) .
Award modifications for retention (July 2024; employee elective):
- 2022/2023 5‑yr TSRUs: extend vesting to 5 years and settlement to 7 years (e.g., 2022 settle in 2029; 2023 settle in 2030) .
- 2022/2023 PSAs: extend to 5 years; performance measured over the last 3 years of the extended term (2022 PSAs now 2024–2026; 2023 PSAs now 2025–2027); relative TSR modifier capped at ±25 pp; cap at target if TSR negative .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common) | 29,548 shares (as of Jan 31, 2025) |
| TSRUs outstanding (not counted as “beneficial” in table) | 655,673 TSRUs outstanding as of Jan 31, 2025 (informational) |
| Unvested TSRUs (selected grants) | 84,529 @ $45.96 exp. 2/24/2029; 74,344 @ $45.96 exp. 2/24/2029; 103,320 @ $42.30 exp. 2/23/2030; 89,920 @ $42.30 exp. 2/23/2030; 161,160 @ $26.89 exp. 2/27/2029; 142,400 @ $26.89 exp. 2/27/2031 |
| PSAs unearned/outstanding | 42,079 (2022–2026), $1,116,356 value; 52,693 (2023–2027), $1,397,945 value; 83,674 (2024–2026), $2,219,871 value |
| Ownership guideline | 4× salary for NEOs; Malik at 0.58× as of 12/31/2024; prohibited from selling until interim guideline met; no pledging by NEOs |
| Hedging/Pledging | Prohibited under company policy |
Notes on vesting/settlement pressure:
- The elective 2022/2023 award extensions defer vesting/settlement into 2027–2031, reducing near-term settlement-related selling pressure; Malik is also subject to “no-sell” until guideline compliance is regained, further limiting near-term discretionary sales .
Employment Terms
| Provision | Key Terms (Pfizer executive programs) | Aamir Malik – Estimated Values (12/31/2024 Scenarios) |
|---|---|---|
| Employment agreement | No individual employment contracts (“What we do not do”) | — |
| Non-compete | Implemented for executives (policy) | Policy in place |
| Clawback/recoupment | Dodd‑Frank compliant clawback plus broader forfeiture/recoupment rights (competition, misconduct, policy breaches); potential RCC-triggered reductions after significant compliance events | Subject to policy |
| Hedging/Pledging | Prohibited | Prohibited |
| CIC trigger | No single-trigger CIC payments/benefits | Double-trigger framework |
| Cash severance | Greater of: (a) 1× (base + target bonus) or (b) 13 weeks + 3 weeks per YOS (max 104 weeks); no cash severance >2.99× base+target without shareholder approval | Termination w/o Cause: Severance $2,712,600; Other benefits $61,652; LTI value $1,855,338; Total $4,629,590 . CIC Termination: LTI $5,007,376; Total $7,781,628 (incl. severance/benefits) |
| Deferred comp | Participates in PSSP/DCP; 2024 aggregate balance $7,209,752 (PSSP + Deferred GPP) | $7,209,752 aggregate balance |
Detailed Equity Vesting Schedules (selected)
TSRUs (unvested, as of 12/31/2024):
| Grant Date | Unvested TSRUs (#) | Exercise/Base Price | Expiration/Settlement |
|---|---|---|---|
| 2/24/2022 | 84,529 | $45.96 | 2/24/2029 |
| 2/24/2022 | 74,344 | $45.96 | 2/24/2029 |
| 2/23/2023 | 103,320 | $42.30 | 2/23/2030 |
| 2/23/2023 | 89,920 | $42.30 | 2/23/2030 |
| 2/27/2024 | 161,160 | $26.89 | 2/27/2029 |
| 2/27/2024 | 142,400 | $26.89 | 2/27/2031 |
PSAs (unearned/outstanding):
| Performance Period | Units (target) | Market/Payout Value |
|---|---|---|
| 1/1/2022 – 12/31/2026 (modified) | 42,079 | $1,116,356 |
| 1/1/2023 – 12/31/2027 (modified) | 52,693 | $1,397,945 |
| 1/1/2024 – 12/31/2026 | 83,674 | $2,219,871 |
Modification overview (applies to eligible 2022–2023 awards upon participant election): 2022/2023 TSRUs vest over 5 years and settle in year 7; 2022 PSAs performance now 2024–2026; 2023 PSAs performance now 2025–2027; TSR modifier capped at ±25 pp; payouts capped at target if TSR negative .
Compensation Structure Analysis
- Mix and momentum: Malik’s total reported pay rose from $5.42M (2023) to $8.29M (2024), primarily driven by the return of an annual bonus ($3.09M in 2024) as corporate results exceeded maximum targets on all three financial metrics; TSRU (option) grant value also increased year over year, while PSA accounting value decreased due to performance-year accounting timing .
- STI metrics remain tightly linked to P&L and cash (Revenue 40%, Adjusted Diluted EPS 40%, CFFO 20%) with Pipeline and ESG modifiers, which paid above maximum on 2024 results; plan funding is capped at 200% with limited Committee discretion .
- LTI 100% performance-based: Balanced between absolute TSR (TSRUs) and Adjusted Net Income/relative TSR (PSAs); 2024 LTI grant at $4.5M (split 25/25/50) underscores longer-dated alignment and levered exposure to stock recovery .
- Retention-driven award modifications: The 2024 tender extended 2022/2023 award terms to restore retentive value and lengthen performance horizons amid post‑COVID stock declines; this defers vest/settlement and preserves alignment (caps on negative TSR) .
Say‑on‑Pay & Governance Signals
- Say‑on‑Pay support remained strong at 91.4% in 2024; Pfizer emphasizes clawback robustness, no single-trigger CIC, non-compete adoption, no hedging/pledging, and a hard cap on cash severance above 2.99× base+target (shareholder approval) .
Investment Implications
- Alignment and incentives: Malik’s pay is heavily at‑risk and levered to revenue, earnings, cash flow and multi‑year TSR/Adjusted NI, with 2024 bonuses reflecting above‑max corporate delivery; continued use of PSAs and TSRUs (with negative TSR cap) reinforces pay-for-performance through the cycle .
- Retention vs. selling pressure: The elective 2022/2023 award extensions push vesting/settlement into 2027–2031; coupled with Malik’s current ownership shortfall (0.58× vs 4× guideline) and no‑sell requirements until compliance, near‑term insider selling pressure from Malik appears contained .
- Execution track record: 2024 U.S. Commercial performance under Malik was strong ($26.8B, +39% YoY), with commercial execution across key franchises; however, multi‑year TSR remains negative, keeping a spotlight on sustained product execution, cost discipline, and pipeline delivery to convert operational gains into shareholder returns .
- Downside protections/recovery: Robust clawback, non‑compete, and severance guardrails limit governance risk; incentive designs balance absolute and relative shareholder value creation while discouraging excessive risk‑taking via caps and committee oversight .