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Yesterday, we put out a list of the most overpaid pharma CEOs — those who got raises that far outpaced what they delivered to shareholders. But what about the execs who took pay cuts in the midst of business success?

Scouring the same data, gathered from 28 of the biggest pharma companies in the world, we found three CEOs who saw their compensation fall last year even though they made good money for investors.  They still pull in a lot of money. But compared to their peers, these three executives look underpaid.

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