PHARMACEUTICAL RESEARCH AND MANUFA… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1958

Legal Domicile

Phone

2028353400

Tax Period

2024-01-01 to 2024-12-31

PHARMACEUTICAL RESEARCH AND MANUFACTURERS OF AMERICA, founded in 1958, is a major nonprofit that reported $521.3M in total revenue in fiscal year 2024. Expenses of $578.3M exceeded revenue, resulting in a 11% operating deficit.

Mission

PHRMA'S MISSION IS TO CONDUCT EFFECTIVE ADVOCACY FOR PUBLIC POLICIES THAT ENCOURAGE THE DISCOVERY OF IMPORTANT, NEW MEDICINES FOR PATIENTS BY BIOPHARMACEUTICAL RESEARCH COMPANIES.

Program Service Accomplishments

Program 1

PUBLIC POLICY ADVOCACY: PHRMA'S MISSION IS TO CONDUCT EFFECTIVE ADVOCACY FOR PUBLIC POLICIES THAT ENCOURAGE DISCOVERY OF IMPORTANT NEW MEDICINES FOR PATIENTS BY BIOPHARMACEUTICAL RESEARCH COMPANIES. PHRMA ACHIEVES THIS MISSION BY WORKING WITH, AND ON BEHALF OF, ITS MEMBER COMPANIES BEFORE GOVERNMENTAL AND REGULATORY BODIES IN THE UNITED STATES AND THROUGHOUT THE WORLD IN SUPPORT OF PRO-PATIENT, PRO-INNOVATION POLICIES. SPECIFICALLY, PHRMA ADVOCATES FOR BROAD PATIENT ACCESS TO SAFE AND EFFECTIVE MEDICINES THROUGH A FREE MARKET, WITHOUT GOVERNMENT PRICE CONTROLS; STRONG INTELLECTUAL PROPERTY INCENTIVES; AND TRANSPARENT, EFFICIENT REGULATION AND A FREE FLOW OF INFORMATION TO PATIENTS.

Program 2

MEMBER SERVICES: IN REPRESENTING THE COUNTRY'S LEADING PHARMACEUTICAL RESEARCH AND BIOTECHNOLOGY COMPANIES, PHRMA PROVIDES A FORUM FOR MEMBER COMPANIES TO PARTICIPATE IN DISCUSSIONS OF RELEVANT...

MEMBER SERVICES: IN REPRESENTING THE COUNTRY'S LEADING PHARMACEUTICAL RESEARCH AND BIOTECHNOLOGY COMPANIES, PHRMA PROVIDES A FORUM FOR MEMBER COMPANIES TO PARTICIPATE IN DISCUSSIONS OF RELEVANT HEALTH CARE ISSUES AND TO DEVELOP CONSENSUS POSITIONS ON MATTERS OF PUBLIC POLICY ADVOCACY. MEMBER COMPANIES PARTICIPATE IN PHRMA ACTIVITIES THROUGH REPRESENTATION ON THE BOARD OF DIRECTORS, BOARD-LEVEL COMMITTEES, STAFF WORK GROUPS, SECTIONS, AND TASK FORCES. MEMBER COMPANY REPRESENTATIVES ALSO REGULARLY COMMUNICATE WITH PHRMA STAFF.

Program 3

GENERAL EDUCATION ABOUT BIOPHARMACEUTICAL INDUSTRY: PHRMA DISSEMINATES INFORMATION ABOUT BIOPHARMACEUTICAL COMPANIES, THEIR PRODUCTS, AND THEIR BUSINESS, SCIENTIFIC AND PHILANTHROPIC ACTIVITIES...

GENERAL EDUCATION ABOUT BIOPHARMACEUTICAL INDUSTRY: PHRMA DISSEMINATES INFORMATION ABOUT BIOPHARMACEUTICAL COMPANIES, THEIR PRODUCTS, AND THEIR BUSINESS, SCIENTIFIC AND PHILANTHROPIC ACTIVITIES THROUGH A WIDE RANGE OF CHANNELS, INCLUDING PROFILES, REPORTS, PRINCIPLES, GUIDELINES, FACT SHEETS, POLICY PAPERS AND OTHER RESOURCES. THESE EFFORTS BOLSTER PHRMA'S ABILITY TO EDUCATE AND INFORM MEMBERS OF THE GENERAL PUBLIC AS WELL AS POLICYMAKERS, THE MEDIA, PATIENTS AND OTHERS IN THE HEALTH CARE COMMUNITY ABOUT THE BIOPHARMACEUTICAL INDUSTRY AND PHRMA'S PUBLIC POLICY ACTIVITIES IN PARTICULAR.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,116,000

Program Service Revenue $507,993,172

Investment Income $11,851,925

Other Revenue $387,120

TOTAL REVENUE $521,348,217

Expense Breakdown

Grants Paid $43,264,315

Salaries & Benefits $113,002,505

Fundraising Expenses $0

Program Expenses $0

Other Expenses $421,998,237

TOTAL EXPENSES $578,265,057

Year-over-Year Comparison

	2024	2023	Change
Revenue	$521,348,217	$483,040,082	+0.1%
Expenses	$578,265,057	$426,549,040	+0.4%
Net Income	$-56,916,840	$56,491,042	-2.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✓ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

300

Volunteers

3789

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$11,627,030

Total Directors

$7,643,016

Key Employees

$12,484,816

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Albert Bourla PHD	VICE CHAIR	2.0	Officer Director	$0	$0	$0
Daniel O' Day	CHAIR	2.0	Officer Director	$0	$0	$0
Paul Hudson	TREASURER	2.0	Officer Director	$0	$0	$0
Stephen J Ubl	President & CEO	37.5	Officer Director	$5,935,826	$1,707,190	$7,643,016
Alexander Hardy	DIRECTOR	2.0	Director	$0	$0	$0
ANTHONY MANCINI	DIRECTOR (THRU 08/24)	2.0	Director	$0	$0	$0
Ashley Magargee	DIRECTOR	2.0	Director	$0	$0	$0
Barry Greene	DIRECTOR	2.0	Director	$0	$0	$0
Bob Lojewski	DIRECTOR	2.0	Director	$0	$0	$0
Brad Bailey	DIRECTOR (AS OF 08/24)	2.0	Director	$0	$0	$0
Chris Boerner PHD	DIRECTOR	2.0	Director	$0	$0	$0
Chris ROUND	DIRECTOR (THRU 12/24)	2.0	Director	$0	$0	$0
Chris Viehbacher	DIRECTOR	2.0	Director	$0	$0	$0
David Loew	DIRECTOR	2.0	Director	$0	$0	$0
David Ricks	DIRECTOR	2.0	Director	$0	$0	$0
DOUGLAS L LANGA	DIRECTOR (THRU 12/24)	2.0	Director	$0	$0	$0
Emma Walmsley	DIRECTOR	2.0	Director	$0	$0	$0
Herve J Hoppenot	DIRECTOR	2.0	Director	$0	$0	$0
Jean-Christophe Tellier MD	DIRECTOR	2.0	Director	$0	$0	$0
Jean-Michel Boers	DIRECTOR	2.0	Director	$0	$0	$0
Jennifer Taubert	DIRECTOR	2.0	Director	$0	$0	$0
Julie Kim	DIRECTOR	2.0	Director	$0	$0	$0
Ken Keller	DIRECTOR	2.0	Director	$0	$0	$0
KEVIN C GORMAN PhD	DIRECTOR (THRU 09/24)	2.0	Director	$0	$0	$0
Kyle Gano PHD	DIRECTOR (AS OF 10/24)	2.0	Director	$0	$0	$0
MARK REISENAUER	DIRECTOR (THRU 04/24)	2.0	Director	$0	$0	$0
Michael Petroutsas	DIRECTOR (AS OF 02/24)	2.0	Director	$0	$0	$0
MYRTLE POTTER	DIRECTOR (THRU 03/24)	2.0	Director	$0	$0	$0
Richard F Pops	DIRECTOR	2.0	Director	$0	$0	$0
Robert A Bradway	DIRECTOR	2.0	Director	$0	$0	$0
Robert M Davis	DIRECTOR	2.0	Director	$0	$0	$0
Sebastian Guth PHD	DIRECTOR	2.0	Director	$0	$0	$0
Tarek Rabah	DIRECTOR	2.0	Director	$0	$0	$0
Tatsuyki Yasuno	DIRECTOR	2.0	Director	$0	$0	$0
Thomas Gibbs	DIRECTOR	2.0	Director	$0	$0	$0
Vasant Vas Narasimhan MD	DIRECTOR	2.0	Director	$0	$0	$0
James C Stansel	General Counsel & EVP Law, Secretary	37.5	Officer	$1,761,157	$505,701	$2,266,858
Tracey Merchant	CFO & EVP, Administration	37.5	Officer	$1,340,588	$376,568	$1,717,156
Elizabeth Carpenter	EVP, Policy/Research	37.5	Key Emp	$1,077,102	$677,009	$1,754,111
Lori Reilly	COO	37.5	Key Emp	$2,547,833	$1,975,518	$4,523,351
Renuka Iyer	EVP, Human Resources	37.5	Key Emp	$652,356	$285,806	$938,162
Robert Zirkelbach II	EVP, Public Affairs	37.5	Key Emp	$1,190,211	$691,431	$1,881,642
Shannon Monsif	EVP, Alliance	37.5	Key Emp	$1,115,048	$363,936	$1,478,984
Steven Tilton	EVP, Federal Advocacy	37.5	Key Emp	$920,326	$988,240	$1,908,566
Anne Pritchett	SVP, Policy/Research	37.5	Highest	$2,066,592	$39,615	$2,106,207
Jay Taylor	EVP, International	37.5	Highest	$990,116	$348,569	$1,338,685
Kenneth K McKay IV	SVP, State Advocacy	37.5	Highest	$935,523	$285,686	$1,221,209
Michael Woody	SVP, Federal Advocacy	37.5	Highest	$1,175,941	$288,740	$1,464,681
Scott LaGanga	EVP, State Advocacy	37.5	Highest	$1,199,864	$374,645	$1,574,509
Jennifer Bryant	EVP, Policy/Research	37.5		$1,858,936	$0	$1,858,936

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$521,348,217	$578,265,057	$349,012,370	$-56,916,840
2023	$483,040,082	$426,549,040	$398,950,677	$56,491,042
2022	$568,384,699	$574,376,853	$286,234,000	$-5,992,154
2021	$609,259,357	$588,810,520	$284,877,801	$20,448,837
2020	$573,617,938	$550,191,718	$213,146,031	$23,426,220
2019	$526,601,050	$505,590,709	$192,855,755	$21,010,341
2018	$459,096,153	$447,626,111	$186,814,044	$11,470,042

PHARMACEUTICAL RESEARCH AND MANUFACTURERS OF AMERICA