Pfizer CEO Albert Bourla has redeemed the discovery of his company’s Koranovirus vaccine.
The executive sold a Pfizer stock worth more than $ 5.5 million on Monday – the same day the pharmacist said the COVID-19 pilot plan was more than 90 percent effective, the files show.
The breakthrough sent Pfizer’s share price to $ 41.99 that day, the highest level in more than a year. Burla dumped more than 132,000 shares for $ 41.94 a share, just five cents shy of that peak, according to Tuesday deposit of securities.
These shares accounted for more than 60% of Bourla’s Pfizer shares, according to the deposit. It still holds 78,273 shares directly plus 3,539 others held indirectly.
The filing states that the sale was pre-arranged in accordance with the so-called trading plan of Regulation 10b5-1, which allows company executives to make predetermined stock transactions in accordance with the laws on confidential transactions. Burla adopted the business plan in August this year, according to the document.
Bourla – who received more than $ 15 million in total direct compensation from Pfizer last year, the files show – was not the only Pfizer honcho to make a proper trade on Monday.
Sally Susman, executive vice president and CEO of Manhattan-based companies, dropped more than 43,000 shares, about $ 1.8 million, according to another securities deposit. The sale was also made in accordance with a draft of Regulation 10b5-1 that Susman adopted in November 2019, according to the filing.
Pfizer did not immediately respond to an email Wednesday morning asking for more details about the transaction.
Pfizer’s announcement of Monday’s blockbuster inspired one wider stock market rally in the hope that the vaccine will help the world economy recover from the deadly coronavirus pandemic. The Dow Jones industrial average rose 834 points to record its best day since June, while Pfizer shares closed the day at around 7.7% at $ 39.20.
The company’s share price rose 0.7% to $ 38.95 in market trading before 7:58 a.m. on Wednesday after losing about 1.3% on Tuesday.