Howard Horn
Chief Financial Officer, Corporate Strategy and Executive Vice President at 
Ultragenyx Pharmaceutical
Ultragenyx PharmaceuticalExecutive
About Howard Horn
Howard Horn (age 47) is Chief Financial Officer, Corporate Strategy and Executive Vice President at Ultragenyx (RARE), serving since October 2023. He holds a B.A. in Economics from Princeton University and an M.B.A. from Wharton; prior roles include CFO and founding management team member at Vir Biotechnology (2017–2023), VP roles in Strategic Corporate Finance and Business Planning at Biogen, consulting at McKinsey’s Pharmaceutical & Medical Products Practice, and equity research at UBS . Company performance tied to Horn’s incentive outcomes included 2024 revenue of $560M (29% YoY), raised guidance mid‑year, and late‑stage clinical milestones; the Compensation Committee determined corporate performance at 110% for 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vir Biotechnology | Chief Financial Officer; founding management team | 2017–2023 | Led accounting, finance, IR and facilities; helped scale operations and capital markets readiness |
| Biogen | VP, Strategic Corporate Finance; VP, Business Planning | Prior to 2017 | Led capital allocation and global resource allocation across functions/regions |
| McKinsey & Company | Consultant, Pharmaceutical & Medical Products | Prior | Strategy and operations advisory for pharma/med‑products |
| UBS Group AG | Equity Research Analyst, Life Sciences | Prior | Sell‑side coverage, industry analysis |
External Roles
No public company directorships disclosed for Horn in the proxy .
Fixed Compensation
| Component | FY2024 | Notes |
|---|---|---|
| Base Salary ($) | $590,000 | |
| Target Bonus (% of Base) | 50% | |
| FY2024 Bonus Paid ($) | $343,970 | |
| Bonus Achieved (% of Base) | 58% | |
| Corporate Score | 110% (applies to all execs) | |
| Individual Score | 106% (Horn) |
Performance Compensation
Annual Incentive (FY2024) – Corporate Goal Framework and Outcome
| Metric Category | Weight | Target Definition | Actual Achievement | Weighted Outcome |
|---|---|---|---|---|
| Commercial Revenue | 30% | Revenue goals for commercial assets | Exceeded; achieved between base and outperform → 123% | 37% |
| Development Milestones | 60% | UX143, UX111 BLA timing; GTX‑102, UX701, DTX401 priorities | Met base target → 100% | 60% |
| People & Governance | 10% | Budget, retention, engagement, inclusion, well‑being, governance | Mixed; overall 70% weighted | 7% |
| Total Corporate Achievement | — | — | 110% (includes additional achievements) | — |
Equity Awards and PSU Design
| Grant Type | Grant Date | Quantity/Target | Key Terms |
|---|---|---|---|
| Options | 3/1/2024 | 34,200 | Exercise $53.69; 10‑year term to 3/1/2034; 25% vests at 1‑year, then monthly over 3 years |
| RSUs | 3/1/2024 | 19,400 | 4‑year vest, 25% annually on grant anniversary |
| PSUs (Target) | 3/1/2024 | 19,400 | Three portions: Revenue (33.4%, 2‑yr), Relative TSR vs Nasdaq Biotech (33.3%, 3‑yr), Strategic goals (33.3%, 3‑yr) |
| Amlogenyx PSOs | 10/21/2024 | 22,500 | Exercise $2.31; vest on 4 clinical criteria (each 25%); forfeiture if not achieved by 4/21/2026 |
PSU Performance Payouts (recently certified)
| PSU Cohort | Metric | Target | Actual/Payout | Vesting Certification |
|---|---|---|---|---|
| 2023 PSUs – Revenue Portion (50% of PSU) | Aggregate Revenue 2023–2024 | $1,050M (100%) | Actual $995M → 74% payout (linear) | Vested on 3/1/2025 |
| 2023 PSUs – Strategic Portion (25% of PSU) | Strategic goals achieved | 3/5 = 100% | Actual 3.5/5 → 125% payout | Vested on 3/1/2025 |
| 2022 PSUs – Relative TSR (20% of PSU) | TSR vs Nasdaq Biotech Index | 50th percentile = 100% | Actual 62nd percentile → 124% payout | Vested on 3/1/2025 |
Relative TSR payout curves for 2024 PSUs: 25th=25%, 50th=100%, 75th=150%, 90th=200% (three‑year period ending 12/31/2026; vest post‑certification in early 2027). Strategic PSUs earn 50%/100%/150%/200% at 2/3/4/5 of 5 goals (three‑year period ending 12/31/2026; vest post‑certification in 2027) .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial Ownership (as of 3/7/2025) | 78,344 shares total; includes 15,692 common shares and 62,652 options exercisable within 60 days |
| Unvested RSUs (12/31/2024) | 19,400 units; market value $816,158 |
| Unearned PSUs at Target (12/31/2024) | 19,400 units; market/payout value $816,158 |
| Options Outstanding (selected) | 10/9/2023: 40,971 exercisable, 99,498 unexercisable @ $35.68; exp 10/9/2033. 3/1/2024: 34,200 unexercisable @ $53.69; exp 3/1/2034 |
| Shares Outstanding (company‑wide context) | 93,892,528 (3/7/2025) |
| Ownership Guidelines | CEO 3× salary; other NEOs 1× salary; all required persons compliant as of 12/31/2024 |
| Hedging/Pledging | Prohibited for directors/employees; enhances alignment and limits collateralization risk |
Insider selling pressure indicators:
- 2023 option grant ($35.68) is in‑the‑money versus year‑end price $42.07, potentially increasing exercise/monetization propensity; 2024 option grant ($53.69) was underwater at $42.07 (12/31/2024) and $38.62 (3/7/2025), reducing near‑term exercise pressure .
FY2024 vesting activity:
- Shares acquired on vesting (Horn): 20,092 shares; value realized $1,072,511, no options exercised in 2024 .
Employment Terms
| Provision | Terms (as disclosed) |
|---|---|
| Severance – Qualifying Termination (no change‑in‑control) | Cash: Base salary $590,000 + Bonus $295,000; COBRA reimbursements $26,378; no equity acceleration |
| Severance – Qualifying Termination post “Covered Transaction” (double‑trigger) | Cash: Base $885,000 + Bonus $442,500; Equity acceleration value $4,803,835; COBRA reimbursements $39,567; total $6,170,902 (based on 12/31/2024 assumptions and stock price $42.07) |
| Equity Acceleration Policy | Double‑trigger vesting post covered transaction under employment arrangements; plan does not provide automatic single trigger acceleration |
| Clawback | Compliant with Rule 10D‑1; recovers excess incentive‑based pay on restatements; discretionary recoupment for fraud/intentional misconduct, including time‑ and performance‑based equity |
| Anti‑Hedging/Anti‑Pledging | Hedging and pledging prohibited for insiders |
| Tax Gross‑Ups | No tax gross‑ups under the Second A&R 2023 Plan |
Compensation Structure Notes
- Pay mix “at‑risk”: 85% for named executive officers; increased PSU weighting for executives (excluding CEO) to 50% in 2025; CEO PSU weighting 60% in 2024/2025 .
- 2024 equity split for NEOs: equal value among options, RSUs, PSUs; PSU design broadened toward relative TSR and strategic goals (longer performance horizon) .
- Peer benchmarking: Uses a 20‑company biotech/pharma peer group; committee references 25th/50th/75th percentiles but does not formulaically set pay to a single point .
Investment Implications
- Alignment and retention: Ownership guidelines compliance, anti‑hedging/pledging, and increased PSU weighting strengthen alignment; double‑trigger protection reduces single‑trigger windfalls and supports retention through change‑in‑control .
- Performance linkage: Horn’s 2024 bonus (58% of base) reflects corporate overachievement (110%) and individual results (follow‑on equity offering of $403M, strategy/budget execution), evidencing pay‑for‑performance .
- Selling pressure: In‑the‑money 2023 options ($35.68 strike) may create monetization opportunities; 2024 options ($53.69 strike) are underwater, limiting near‑term exercise pressure; substantial unvested RSUs/PSUs and double‑trigger structure favor retention over opportunistic selling .
- Change‑in‑control economics: Material equity acceleration and enhanced cash severance under double‑trigger could influence behavior around strategic transactions; investors should monitor board/management communications and deal timing relative to PSU/RSU vesting cycles .
- Governance and shareholder feedback: 2024 say‑on‑pay support was 74%, prompting transparency and PSU design changes (TSR cap if absolute TSR negative), reducing upside in down markets and improving shareholder alignment .