Marion McCourt
About Marion McCourt
Marion McCourt, 65, is Executive Vice President, Commercial at Regeneron Pharmaceuticals, Inc., a role she has held since January 2021 after serving as Senior Vice President, Commercial from February 2018 to December 2020. She joined Regeneron in February 2018 and holds a B.S. in Biology from Lafayette College. Her prior experience includes senior operating roles at Axovant (Principal Operating Officer; COO/President), Medivation (COO), Amgen (VP roles in U.S. Commercial Operations), and AstraZeneca (U.S. COO and President & CEO of AstraZeneca Canada). Regeneron delivered 2024 total revenue of $14.2B (+8% YoY) and increased GAAP diluted EPS 10% versus 2023, with the Company performance multiplier reduced to 1.5 for 2024 cash incentives to reflect mixed goal attainment; the firm cites a long-term TSR of ~3,300% since IPO as evidence of sustained value creation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Axovant Sciences | Principal Operating Officer; COO & President | 2017–2018 | Led operating functions across clinical-stage biotech |
| Medivation | Chief Operating Officer | 2016 | Senior operating leadership during product commercialization; company acquired by Pfizer |
| Amgen | Vice President, U.S. Commercial Operations; VP & General Manager (Bone Health/Primary Care) | 2013–2016 | Ran U.S. BU and commercial operations |
| AstraZeneca U.S. | Chief Operating Officer | 2012–2013 | Oversaw U.S. commercial functions (medical affairs, BD, finance, HR, legal, ops, corporate affairs) |
| AstraZeneca Canada | President & CEO | 2011–2012 | Led national affiliate |
| AstraZeneca Pharmaceuticals LP | Various roles | Prior to 2011 | U.S. commercial leadership |
External Roles
No public-company directorships disclosed for McCourt; biography lists operating roles at Axovant, Medivation, Amgen, and AstraZeneca but no board positions .
Fixed Compensation
| Metric | 2018 | 2022 |
|---|---|---|
| Base salary ($) | $401,923 | $706,300 |
| Target bonus (% of base) | Not disclosed | 65% |
| Perquisites/Other ($) | $9,250 (401(k) match) | $13,500 (401(k) match) |
Notes:
- Regeneron maintains stock ownership guidelines requiring senior executives other than CEO/CSO to hold shares valued at least 2× base salary; a robust clawback policy applies company-wide .
Performance Compensation
Annual Cash Incentives – Mechanics and 2022 Outcome
| Component | Input | Weight | Multiplier | Result |
|---|---|---|---|---|
| Corporate performance | 2022 Company performance assessment | 60% | 1.9 | — |
| Individual performance | Personal goals contribution (executives with personal component) | 40% | 1.4 | — |
| Cash incentive target | 65% of $706,300 base | — | — | $780,462 paid for 2022 |
Regeneron sets corporate milestones and applies an up/down framework to determine the Company multiplier; for 2022, the multiplier was 1.9. McCourt’s personal multiplier was 1.4, with her overall cash incentive reflecting the 60/40 corporate/personal weighting .
Annual Equity Awards – 2022 Grants
| Award type | Grant date | Shares (#) | Grant-date fair value ($) | Exercise price ($) | Vesting |
|---|---|---|---|---|---|
| Stock options | 12/16/2022 | 10,971 | $3,239,703 | $726.53 | 25% per year over 4 years |
| Restricted stock (RSA) | 12/16/2022 | 2,973 | $2,159,974 | n/a | 50% at 2 years; 50% at 4 years |
Earlier equity awards include a 2018 commencement package (20,000 options at $342.93; 2,500 RS vesting 100% at 5 years) and 2018 year-end grants (10,000 options at $381.40; 10,000 restricted shares vesting 100% at 5 years) .
Multi-Year Compensation Summary
| Metric | 2018 | 2022 |
|---|---|---|
| Stock awards ($) | $4,671,325 | $2,159,974 |
| Option awards ($) | $4,769,876 | $3,239,703 |
| Non-equity incentive ($) | $372,281 | $780,462 |
| Total compensation ($) | $10,224,655 | $6,899,939 |
Equity Ownership & Alignment
| Ownership metric | Value |
|---|---|
| Beneficial ownership (common shares, as of 4/15/2023) | 48,043 (<1% of outstanding) |
| Options exercisable (12/31/2022) | 32,502 |
| Options unexercisable (12/31/2022) | 37,572 |
| Unvested stock awards (units; 12/31/2022) | 22,079 RS/RSUs; market value $15,929,778 at $721.49/share |
| 2022 exercises/vestings | Exercised 13,800 options ($4,246,309 realized); 538 RSAs vested ($405,265) |
| Hedging/pledging | Prohibited under company policy |
| Ownership guidelines | 2× base salary for senior executives; CEO/CSO 6× |
Stock ownership guidelines and prohibition of hedging/pledging support alignment; 2022 option exercises indicate periodic monetization, but unvested RSAs/RSUs represent continued retention hooks .
Employment Terms
| Term | Provision |
|---|---|
| Severance plan | Covered by change-in-control severance plan (not a standalone employment agreement) |
| Cash severance multiple | 2× (base salary + average cash incentive over prior 3 years) upon qualifying termination in a 180-day pre/post 2-year CIC window |
| Benefits continuation | Typically 24 months medical/dental/vision/disability/life and tax/financial planning |
| Equity acceleration | Double-trigger acceleration; options/RS awards vest per plan on CIC with qualifying termination; exercise windows extended subject to plan limits |
| Excise tax treatment | Cutback to avoid 280G excise where beneficial; no gross-ups for officers (CEO excepted) |
Illustrative 2022 CIC payout values (as of 12/31/2022) for McCourt: $2,801,941 cash severance; $57,325 benefits; $20,811,812 value of accelerated equity; total $23,671,078; no cutback applied under assumptions used .
Investment Implications
- Pay-for-performance: McCourt’s cash incentive formula ties 60% to corporate milestones and 40% to individual performance; 2022 payout reflected high corporate multiplier (1.9) and material equity grants with back-loaded RSA vesting, aligning with long-term value creation and retention .
- Insider selling pressure: 2022 option exercises ($4.25M realized) suggest periodic liquidity; however, substantial unvested RS/RSU value (~$15.93M at 2022 year-end prices) and sizeable unexercisable options indicate ongoing vesting supply and retention incentives .
- Alignment and governance: Prohibitions on hedging/pledging, stock ownership guidelines (2× salary), and a robust clawback reduce misalignment risk; CIC protections are standard (double-trigger, 2× cash), with no gross-ups and cutback mechanisms, limiting parachute risk inflation .
- Company performance backdrop: 2024 revenue growth (+8% to $14.2B) and dividend/share repurchase initiation underpin commercial durability; the Compensation Committee lowered the 2024 Company multiplier to 1.5 in light of mixed goal achievement (FDA CRLs, EYLEA HD U.S. sales below internal goals), tempering cash incentive outcomes going forward .
- Shareholder sentiment: Say-on-pay approval reached 95% in 2024, indicating broad support for compensation design that emphasizes broad-based equity, simplicity, and long-term orientation—reducing headline governance risk on pay matters .
References
- Biography, role, age, education:
- Company performance (revenues, EPS):
- Cash incentive framework and multipliers:
- 2022 compensation table (salary, stock, options, cash incentive, other):
- 2022 grants detail (counts, fair values, exercise price, vesting):
- 2018 commencement/year-end awards:
- Outstanding equity (12/31/2022):
- 2022 exercises/vestings:
- Beneficial ownership (4/15/2023):
- CIC plan terms and sample values:
- Clawback, hedging/pledging, ownership guidelines:
- 2024 multiplier decision and milestones:
- Say-on-pay approval: