Last year, the 'salary king' in the domestic listed pharmaceutical and biotechnology industry was John Lim, CEO of Samsung Biologics. John Lim received a total of 7.9 billion won, including salary and bonuses (incentives). The second place went to Seo Jeong-jin, founder of Celltrion, and the third place was taken by Kim Tae-han, advisor to Samsung Biologics.
As of the 25th, a comparison of the 'individual compensation status for those who received more than 500 million won' from pharmaceutical and biotechnology corporations that disclosed their business reports on the Financial Supervisory Service's disclosure system showed these results. The annual salary is the total amount of salary and bonuses (incentives).
John Lim received a total of 7.911 billion won last year, which includes a salary of 1.388 billion won and bonuses of 6.33 billion won. John Lim received 6.624 billion won the previous year. From 2020 to 2022, the incentives based on John Lim's job performance were first paid in 2023, resulting in a significant increase in total compensation from 2023 onward. Samsung Group has a 'long-term performance incentive (LTI)' system that evaluates performance over three years.
John Lim holds a master's degree in chemical engineering from Stanford University and an MBA from Northwestern University. He previously served as an executive at the global pharmaceutical company Roche, based in Switzerland, and Genentech in the United States before joining Samsung Biologics as a vice president in September 2018. When he was appointed CEO in 2021, Samsung Biologics achieved an annual revenue of 1 trillion won for the first time, surpassing 3 trillion won in 2023 and 4 trillion won in 2024.
Seo Jeong-jin, chairman of Celltrion, received 4.377 billion won last year, including performance bonuses of 2.4 billion won. Following him, Kim Tae-han, advisor to Samsung Biologics, received a total of 3.367 billion won, including performance bonuses of 2.5 billion won. Advisor Kim took the helm as the inaugural CEO of Samsung Biologics at its launch in 2011 and led the company for about nine years.
The fourth place went to Choi Young-ho, founder of the KOSDAQ-listed Access Bio, who received a total compensation of 2.887 billion won last year. Access Bio was founded in 2002 in New Jersey, USA, developing and producing diagnostic reagents for malaria, influenza, and COVID-19, and was listed on KOSDAQ in 2013.
Last year, the company's performance was poor compared to the previous year. The company's revenue last year was $82.45194 million (approximately 121.1 billion won), a decrease of about 69.1% from the previous year, and the operating profit turned to a deficit, recording a net loss of $791,702 (approximately 1.1 billion won). CEO Choi received a total of 8.491 billion won in compensation in 2023, ranking first in the industry.
Like other industries, the pharmaceutical and biotechnology industry sees many owner families receiving dual compensation from holding companies and operating companies.
Lee Jang-han, chairman of Chong Kun Dang, received a total compensation of 2.5 billion won last year, including 1.9 billion won from the holding company Chong Kun Dang Holdings and 600 million won from the operating company Chong Kun Dang. Heo Il-seop, chairman of GC Biopharma, received 1.056 billion won from the holding company GC Holdings and 1.405 billion won from GC Biopharma, totaling 2.461 billion won.
The eldest and youngest sons of the late Lim Seong-ki, founder of Hanmi Pharmaceutical Group, also received compensation through the holding company Hanmi Science and operating company Hanmi Pharmaceutical. Last year, the eldest son Lim Jong-yoon received 1.091 billion won from Hanmi Science and 521 million won from Hanmi Pharmaceutical, while the younger son Lim Jong-hoon, former CEO of Hanmi Science, received 637 million won from each.
In the market, there have been criticisms that owner families of corporations list themselves as directors in holding and operating companies and receive high salaries without properly engaging in board activities.
Last year, the list of executives with salaries in the 2 billion won range includes Min Ho-sung, vice president of Samsung Biologics (2.166 billion won), Ki Woo-sung, vice chairman of Celltrion (2.089 billion won), Seo Jeong-jin's eldest son Seo Jin-seok as CEO of Celltrion, along with Kim Hyung-ki, vice chairman of Celltrion (each at 2.07 billion won). CEO Seo also received an additional 660 million won as a board member at Celltrion Pharm.