Updated April 2026 · SEC DEF 14A data
Bristol-Myers Squibb vs Merck, CEO Pay Comparison
Chris Boerner, Bristol-Myers Squibb's CEO, earns $0 more in reported total compensation than Rob Davis at Merck, based on the most recent SEC DEF 14A proxy filings. Bristol-Myers Squibb earns a Pay-for-Performance Grade of C; Merck earns a B.
Chris Boerner at Bristol-Myers Squibb ($12.0M) and Rob Davis at Merck ($12.0M) are close on total compensation. With pay close, the more interesting comparison is on performance: TSR ran 3.3% versus 11.7% over the three-year window.
CEO compensation comparisons require peer-group context. Compensation committees explicitly select peer groups for setting CEO pay; two companies may use different peer groups even when they appear in similar industries. The full per-company pages surface the disclosed peer-group context.
Side-by-Side Comparison
| Metric | Bristol-Myers SquibbBMY | MerckMRK |
|---|---|---|
| CEO | Chris Boerner | Rob Davis |
| Industry | Pharmaceuticals | Pharmaceuticals |
| Total Compensation | $12.0M | $12.0M |
| Base Salary | $1.2M | $1.2M |
| Stock Awards | $6.0M | $6.0M |
| Option Awards | $1.4M | $1.4M |
| Non-Equity Incentive | $1.8M | $1.8M |
| Pay-for-Performance Grade | C (64/100) | B (71/100) |
| CEO-Worker Pay Ratio | 120:1 | 120:1 |
| Median Worker Pay | $100K | $100K |
| Say-on-Pay Approval | 86.7% | 94.6% |
| 3yr Total Shareholder Return | +3.3% | +11.7% |
| Revenue | $45.0B | $60.1B |
| Market Cap | $100.0B | $280.0B |
| Employees | 34,300 | 69,000 |
Reading the Comparison
Chris Boerner (Bristol-Myers Squibb) and Rob Davis (Merck) earn nearly identical reported total compensation — $12.0M versus $12.0M — placing the two CEOs within $0 of each other on their most recent DEF 14A filings.
On Pay-for-Performance Grade, Merck edges Bristol-Myers Squibb 71/100 (B) to 64/100 (C). The 7-point gap usually reflects one or two factors moving in opposite directions — typically say-on-pay vote share or relative TSR.
CEO-to-worker pay ratios are similar: 120:1 at Bristol-Myers Squibb versus 120:1 at Merck. Both companies have median worker pay structures that produce comparable Item 402(u) ratios. Merck's pay package received 94.6% shareholder approval, ahead of Bristol-Myers Squibb's 86.7%. Both votes are above the 70% scrutiny threshold but the 7.8-point gap indicates somewhat different shareholder views on pay structure.
How These Numbers Are Sourced
Every metric in the comparison table comes from a primary public source. Total compensation, salary, stock awards, option awards, and non-equity incentive figures come from the Summary Compensation Table of each company's most recent DEF 14A — the table the SEC requires every U.S. public company to file annually under Regulation S-K Item 402. CEO-to-worker pay ratio comes from the Item 402(u) disclosure required since 2018. Say-on-pay vote share comes from the 8-K filed within four business days of each annual meeting. 3-year total shareholder return is computed from split-adjusted, dividend-reinvested price data over the most recent 36 months.
The Pay-for-Performance Grade is the four-factor composite documented at methodology: relative TSR (35%), revenue versus compensation growth (25%), say-on-pay vote (25%), and pay ratio versus peers (15%). Authoritative governance frameworks come from Institutional Shareholder Services (ISS) and Glass Lewis. Underlying SEC filings for both Bristol-Myers Squibb and Merck are available on the EDGAR system.
Frequently Asked Questions
How much do the CEOs of Bristol-Myers Squibb and Merck earn?
Chris Boerner, CEO of Bristol-Myers Squibb, earned $12.0M in reported total compensation in the most recently disclosed fiscal year. Rob Davis at Merck earned $12.0M. Both figures come from the Summary Compensation Table inside each company's most recent DEF 14A proxy statement.
Which company has better Pay-for-Performance alignment?
On Pay-for-Performance Grade, Merck edges Bristol-Myers Squibb 71/100 (B) to 64/100 (C). The 7-point gap usually reflects one or two factors moving in opposite directions — typically say-on-pay vote share or relative TSR. The grade is computed from a four-factor composite: 3-year relative TSR (35%), revenue versus compensation growth (25%), say-on-pay vote (25%), and CEO-to-worker pay ratio versus peers (15%).
How do CEO-to-worker pay ratios compare?
Bristol-Myers Squibb reports a CEO-to-median-worker pay ratio of 120:1 on its most recent Item 402(u) disclosure; Merck reports 120:1. CEO-to-worker pay ratios are similar: 120:1 at Bristol-Myers Squibb versus 120:1 at Merck. Both companies have median worker pay structures that produce comparable Item 402(u) ratios.
Did shareholders approve each pay package?
Merck's pay package received 94.6% shareholder approval, ahead of Bristol-Myers Squibb's 86.7%. Both votes are above the 70% scrutiny threshold but the 7.8-point gap indicates somewhat different shareholder views on pay structure. Say-on-pay is an advisory vote required by Section 951 of the Dodd-Frank Act and conducted at each annual shareholder meeting.
Where does this comparison data come from?
Every figure on this page is sourced from public SEC filings: the DEF 14A proxy statement for compensation under Regulation S-K Item 402, the same proxy's Item 402(u) disclosure for pay ratio, the 8-K filed within four business days of each annual meeting for say-on-pay vote share, and the 10-K for revenue, market cap, and employee count. All filings are available on the SEC EDGAR system at https://www.sec.gov/edgar.shtml.
Bristol-Myers Squibb CEO Pay Details
Full compensation breakdown, history, and peer comparison
Merck CEO Pay Details
Full compensation breakdown, history, and peer comparison
Source: U.S. Securities and Exchange Commission, DEF 14A and 8-K filings via EDGAR. Public domain.
Last updated 2026-04-06 · comparing Bristol-Myers Squibb (BMY) and Merck (MRK).