Pfizer CEO cashes in shares for $5.6m following strong Phase 3 COVID-19 vaccine data

pharmafile | November 12, 2020 | News story | Sales and Marketing |  COVID-19, Pfizer, Vaccine, pharma 

With the news that Pfizer and BioNTech’s COVID-19 vaccine candidate demonstrated 90% efficacy in a Phase 3 interim analysis, it has been reported that Pfizer CEO Albert Bourla sold 62% of his stock in the company on the same day the results were unveiled.

The positive news sent Pfizer’s share price peaking by more than 15%. At its highest point in 52 weeks, the company’s stock was worth $41.99 per share. Bourla sold his 132,508 shares for an average of $41.94 per share, or around $5.6 million in total, according to Securities and Exchange Commission filings, cashing out at what was very nearly the company’s most valuable point for a year.

According to the company, Bourla made the transaction under SEC rule 10b5-1 as part of a predetermined trading plan for company staff. The CEO is not alone in this, with Executive Vice President and Chief Corporate Affairs Officer Sally Susman also reported to have made around $ 1.8 million with the sale of 43,662 shares.

As of his latest sale, Bourla currently owns 81,812 remaining shares in the company. On his appointment to the role of CEO in 2018 he saw an 82% rise in his pay package, with his salary, combined with cash incentive pay, equity awards and perks, totalling almost $18 million annually.

Matt Fellows