Jun 16, 2017

McKesson CEO's $98 million pay comes amid U.S. opioid crisis

George Nikitin / AP

McKesson CEO John Hammergren took home $98 million during the drug distribution conglomerate's 2017 fiscal year — the same time federal and state officials went after McKesson for its role in the nation's opioid epidemic.

More than 90% of Hammergren's pay last year came from the actual realized stock gains, according to a federal filing released Friday. Hammergren, one of the highest-paid health care executives, made $104 million the year before.

The bottom line: The feds slapped McKesson with a $150 million settlement in January over allegations it did not closely watch its distribution of oxycodone and hydrocodone pills to pharmacies. Several counties in West Virginia also sued McKesson and other drug distributors for allegedly flooding the state with painkillers. But those events did not affect Hammergren's incentive pay or cashed-out stock. The International Brotherhood of Teamsters is proposing Hammergren lose his chairman title "in the midst of such scrutiny."

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There are warning signs that Nevada could be Iowa all over again

Former Sen. Harry Reid (D) lines up to cast an early vote for the upcoming Nevada Democratic presidential caucus. Photo: Ethan Miller/Getty Images

The alarms are increasingly sounding over Nevada's Democratic caucus, which is just five days away.

Why it matters: Similar issues to the ones that plagued Iowa's caucus seem to be rearing their ugly heads, the WashPost reports.

China tries to contain coronavirus, as Apple warns of earnings impact

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others, mostly in mainland China. There are some signs that new cases are growing at a slower rate now, although the World Health Organization said Monday it's "too early to tell" if this will continue.

Go deeperArrowUpdated 5 hours ago - Health

Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.