Pfizer Inc said on Monday that Chief Executive Officer Ian Read will be replaced next year by veteran Albert Bourla in command of the largest pharmaceutical company in the United States, after eight years in office.
During the tenure of Read, a Scot who joined Pfizer in 1978, the pharmaceutical company obtained 30 approvals from the US health regulator, while at the same time overlapping patent expirations of several of its highest-selling products, including Lipitor, a drug to combat cholesterol.
However, Read failed in its efforts to achieve the purchases of the British AstraZeneca in 2014 and the Irish Allergan Plc in 2016.
Bourla, 56, was appointed as director of Operations at the beginning of the year after leading the business of Innovative Health of the pharmaceutical company, which had revenues of 31.4 billion dollars in 2017.
“This seems like a well-considered transition, but I’m not convinced it’s the prelude to a major shift in strategic thinking, particularly because Ian will remain as a director,” said Berenberg analyst Alistair Campbell.
The appointment comes at a time when Pfizer faces intense scrutiny over the price of drugs, and regulators and the government of President Donald Trump are seeking lower values.
In July, Pfizer said it would postpone increases in drug prices for no more than six months after a conversation with Read with Trump.
Pfizer shares, which have risen around 160 percent since Read became the company’s chief executive in December 2010, traded at 0.93% to $ 44.48 at 1548 GMT.
“It has been an honor to serve as CEO of Pfizer for the past eight years,” Read commented. “However, now is the right time for a leadership change and Albert is the right person to lead Pfizer in the next era,” he added.
Likewise, the collection by concept of Customs Taxes was 2,579 million soles (US $ 780 million), that is, 7.73% more than what was reported in the same month of last year and the Internal Selective Consumption Tax (ISC) was located in 349 million soles (US $ 105 million), amount higher by 0.19% compared to August of last year.