Lilly CEO Dave Ricks's 2024 pay reported at $114 million as Mounjaro and Zepbound sales climb

Eli Lilly CEO Dave Ricks was paid about $114 million in 2024, according to a new proxy statement to investors, in a year when the company's weight loss and diabetes drugs drove its sales and stock higher ^[1]. A separate report on the same filing described Ricks's compensation package as $29.2 million, up 10% from $26.6 million in 2023 ^[2].

The two figures count pay differently, and neither report explains the gap. STAT described the $114 million as what Ricks "made" in 2024 and placed him among the few health care executives who have received at least nine figures in a single year ^[1]. FiercePharma reported $29.2 million as his compensation package, citing the proxy filing ^[2].

What drove the numbers

The filing followed a year of rapid growth for the Indianapolis-based company. Revenue rose 32% to $45 billion in 2024, and earnings per share rose 106% to $12.99 ^[2]. Mounjaro and Zepbound, the company's tirzepatide drugs for diabetes and obesity, together generated $16.4 billion in sales ^[2].

Sales of drugs outside that group grew 20% year over year, led by the breast cancer drug Verzenio at $5.3 billion and the heart failure drug Jardiance at $3.3 billion ^[2]. The company also cited 2024 approvals for Ebglyss, for atopic dermatitis, and Kisunla, for Alzheimer's disease, along with an FDA label expansion for Zepbound to treat sleep apnea ^[2].

Since Ricks became CEO in 2017, Lilly's market value has grown nearly tenfold, from $80 billion to $781 billion, roughly twice that of Johnson & Johnson at $401 billion ^[2]. His annual compensation has nearly doubled over the same period, from $15.8 million in 2017 ^[2].

The $29.2 million package for 2024 included a $5.7 million bonus, $19.7 million in equity awards, $1.7 million in salary and a $1.7 million increase in pension value, according to the filing ^[2]. Among the peer companies Lilly identified, AstraZeneca's Pascal Soriot received 14.7 million pounds sterling ($18.5 million) and Novartis's Vas Narasimhan received 14.2 million Swiss francs ($15.7 million) ^[2]. In 2023, Johnson & Johnson's Joaquin Duato was the highest-paid large pharma CEO at $28.4 million, with Ricks second at $26.6 million ^[2].

Other Lilly executives' 2024 pay included $12.6 million for chief scientific officer Dan Skovronsky and $7.5 million for general counsel Anat Hakim ^[2].

The proxy also disclosed about $186,000 in reimbursed expenses paid for Ricks and two other Lilly officials to attend a "global executive leadership meeting" in Paris held in connection with the 2024 Olympic and Paralympic Games ^[1].

Why it matters for patients

Mounjaro and Zepbound are the same molecule, tirzepatide, and their $16.4 billion in 2024 sales are the clearest measure in the filing of how many people are using them ^[2]. The pay disclosures show how much of that growth reaches the top of the company that makes them.

Whether executive compensation affects what patients pay at the pharmacy is not addressed in either article. Neither report includes list prices for Mounjaro or Zepbound, insurance coverage details, or any statement from Lilly about pricing. The disclosed figures describe pay and sales, not the cost of treatment, and no link between the two has been reported here.

Patients may also note the Zepbound label expansion for sleep apnea cited in the filing, which added a condition the drug is cleared to treat ^[2]. Lilly's sales figures and the pay tied to them reflect demand for these medicines ^[1][2].

Details of Ricks's compensation for 2025 have not been disclosed ^[2].