Erik Harris
Ultragenyx PharmaceuticalAbout Erik Harris
Erik Harris, 55, is Executive Vice President & Chief Commercial Officer at Ultragenyx (RARE). He joined Ultragenyx in July 2017 (SVP, Head of North American Commercial Operations) and has served as CCO since June 2019. He holds a B.S. from the United States Naval Academy and an M.B.A. from The Wharton School. In 2024, Ultragenyx delivered 29% revenue growth and exceeded raised full-year guidance, with commercial execution across Crysvita, Dojolvi, Evkeeza and Mepsevii highlighted in the proxy and earnings call where Harris led commercialization commentary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ultragenyx | SVP & Head of North American Commercial Operations | Jul 2017–Jun 2019 | Built regional commercialization capabilities prior to elevation to CCO |
| Crescendo Bioscience | Vice President of Commercial | ~6 years | Led commercial strategy in molecular diagnostics |
| InterMune | Vice President of Marketing | Prior to Crescendo | Biotech commercial leadership supporting product launches |
| Elan, Genentech, Bristol-Myers Squibb | Various commercial roles | Earlier career | Large-cap biopharma commercial execution experience |
| U.S. Navy | Lieutenant Commander, Naval Aviation; Congressional Fellow | Early career | Leadership and policy experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Denali Therapeutics (public) | Director | Current | Cross-company insights in neuro/rare; governance network effects |
| Inozyme Pharma (public) | Director | Current | Bone/mineral disorders adjacency; potential information flow benefits |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $589,000 | $607,000 |
| Target Bonus (% of Base) | 50% | 50% |
| Actual Bonus Paid ($) | — | $367,235 (61% of base) |
Performance Compensation
Annual Bonus Structure and FY2024 Outcomes
| Component | Weighting | Target | Actual | Payout Driver |
|---|---|---|---|---|
| Corporate Performance | Primary driver | 100% | 110% achievement for FY2024 | Revenue exceeded base; development goals met; governance/culture strong |
| Individual Performance (Harris) | Secondary | n/a | 110% | Execution of commercial growth, launch readiness, team retention |
Equity Awards and PSU Design
| Grant Year | Options (#) | RSUs (#) | PSUs Target (#) | PSU Mix | Key Vesting Terms |
|---|---|---|---|---|---|
| 2024 | 34,200 | 19,400 | 19,400 | 1/3 Revenue (2-yr), 1/3 Relative TSR (3-yr), 1/3 Strategic (3-yr) | Options: 25% at 1-year, monthly thereafter; RSUs: 25% annually over 4 years |
PSU Performance Results (Company-wide program applicable to NEOs)
| PSU Cohort | Metric | Target | Actual | Payout | Vest Date |
|---|---|---|---|---|---|
| 2023 PSUs | Revenue (2-year aggregate) | $1,050M | $995M | 74% of target | Mar 1, 2025 |
| 2023 PSUs | Strategic Objectives (2-year) | 3/5 goals = 100% | 3.5/5 goals | 125% of target | Mar 1, 2025 |
| 2022 PSUs | Relative TSR (3-year) | 50th percentile = 100% | 62nd percentile | 124% of target | Mar 1, 2025 |
2024 PSU Measurement Rigor
- Relative TSR: Earned 25% at 25th percentile, 100% at 50th, 150% at 75th, 200% at 90th; capped at target if absolute TSR is negative for 2025 awards .
- Strategic Objectives: Threshold 2/5=50%, Target 3/5=100%, Stretch 4/5=150%, Max 5/5=200% .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 184,922 shares; <1% of outstanding |
| Shares Outstanding (as of Mar 7, 2025) | 93,892,528 |
| Ownership as % of Shares Outstanding | ~0.20% (184,922 / 93,892,528) |
| Stock Ownership Guidelines | 1x base salary for NEOs; compliance met as of Dec 31, 2024 |
| Hedging/Pledging | Company prohibits hedging and pledging by officers/directors |
Outstanding Equity Awards (Selected lines as of Dec 31, 2024)
| Grant Date | Options Unexercisable (#) | Exercise Price ($) | RSUs Unvested (#) | Unearned PSUs (#) |
|---|---|---|---|---|
| 3/1/2024 | 34,200 | 53.69 | 19,400 | 19,400 |
| 3/1/2023 | 22,162 | 45.65 | 31,471 | 7,029 |
| 3/1/2022 | 7,781 | 67.37 | 10,472 | — |
| 3/1/2021 | 687 | 142.47 | 1,375 | — |
Employment Terms
| Provision | Base Case (Qualifying Termination) | Change-of-Control (Double Trigger within 18 months) |
|---|---|---|
| Salary Severance | $607,000 (≈1.0x base) | $910,500 (≈1.5x base) |
| Bonus Severance | $303,500 (≈0.5x base) | $455,250 (≈0.75x base) |
| Equity | No acceleration | Acceleration of unvested options/RSUs/PSUs (target for unearned PSUs) |
| COBRA Reimbursement | $8,935 | $13,402 |
| Trigger Mechanics | Double-trigger acceleration under covered transaction; no single-trigger auto-acceleration per plan |
- Clawback Policy: Recovers excess incentive-based compensation after restatement; discretionary recoupment for fraud/intentional misconduct across time-based and performance equity .
Insider Trading Activity and Vesting Pressure
| Date | Type | Shares | Price | Post-Trade Holdings | Note |
|---|---|---|---|---|---|
| Jun 20, 2025 | Sale | 15,103 | $42.10 | 118,101 (Direct) | Form 4; proceeds ~$635,836 |
| Mar 1, 2025 | Option Award | 65,502 | $0 | 118,101 (Direct) | Grant disclosed on Form 4 |
| Sep 5, 2023 | Sale | 6,000 | $37.96 | 51,280 (prior context) | Form 4 sale |
| Mar 3, 2025 | Form 4 filing | — | — | — | Filing indicates transaction under a Rule 10b5-1 plan (checkbox) |
- Annual equity awards are typically granted March 1; RSUs vest annually on anniversaries; PSUs vest upon certification of performance (e.g., 2024 PSUs revenue portion vest March 1, 2026; TSR/strategic portions vest March 1, 2027), creating predictable vest-driven supply windows .
Performance & Track Record
| Metric/Highlight | Detail |
|---|---|
| 2024 Revenue Performance | Total revenue $560M; 29% year-over-year growth; exceeded upper bound of raised guidance |
| Commercial Execution (Earnings Call) | Harris detailed geographic and product-led growth across Crysvita LATAM, Dojolvi U.S./EMEA, Evkeeza ex-U.S., and variability tied to regional ordering |
| 2025 Revenue Guidance | Total revenue expected $640–$670M; Crysvita $460–$480M (company-level context) |
Compensation Structure Analysis
- Mix and Risk: NEO pay mix emphasizes at-risk compensation (85% for NEOs), with increased PSU weighting to 50% for 2025 grants (non-CEO), enhancing performance linkage; CEO at 60% PSUs in 2024/2025 .
- Metric Rigor: Reduced revenue weighting; longer 3-year horizon for strategic PSUs; relative TSR introduces market-referenced discipline and downside cap if absolute TSR negative .
- Governance Signals: No option repricing without shareholder approval; no tax gross-ups; no evergreen; independent comp consultant (Aon) .
Governance, Ownership Guidelines, and Policies
- Ownership Guidelines: 1x salary for NEOs; all required NEOs compliant as of Dec 31, 2024 .
- Anti-Hedging/Pledging: Prohibited for directors and employees (including executive officers) .
- Say-on-Pay Feedback: 74% support in 2024; committee increased performance-based equity and disclosures in response .
Investment Implications
- Alignment and Retention: Harris meets stock ownership guidelines with meaningful equity exposure and predictable vest cadence; anti-hedging/pledging policy supports long-term alignment .
- Pay-for-Performance: Elevated PSU weighting and rigorous metrics (revenue, TSR, strategic goals) tie upside to multi-year outcomes; 2023 PSU results (revenue 74%, strategic 125%) demonstrate balanced payouts linked to execution .
- Selling Pressure: Recent Form 4 sale (~15K shares) and annual March vest and grant cycles suggest potential periodic supply; presence of 10b5-1 plan mitigates timing risk perceptions .
- Change-of-Control Economics: Double-trigger acceleration and ~1.5x salary/~0.75x bonus in CoC scenarios provide retention in strategic events; clawback coverage reduces downside governance risk .