Pfizer CEO Albert Bourla sold 62% of his shares in the company worth $ 5.6 million on Monday, the same day that the pharmaceutical company disclosed the preliminary positive results of its anticovid vaccine and shot itself in the bag, according to documents from the US Securities Market Commission.
According to the document, Bourla sold 132,508 shares at a price of $ 41.94, close to its maximum price, as part of a predetermined brokerage plan for employees to which the executive subscribed this past August, when the company was still adding participants to the advanced phase of the clinical trial of the vaccine.
On Monday, the American Pfizer announced that the experimental vaccine it is developing with the German BioNTech It is 90% effective in the preliminary results of the last phase, a figure much higher than expected by the authorities and which generated a wave of optimism throughout the world, including the markets, which registered strong gains.
As a Pfizer spokesperson told the media, Bourla has been with the pharmaceuticals for 25 years and owns a “substantial amount of shares” under different savings plans, and had authorized the managing firm of the same to sell a part if they reached “a certain price”, so now it has about 82,000 titles, which represents “nine times its salary.”
Pfizer Executive Vice President Sally Susman also sold shares as part of a predetermined plan this past Monday, who pocketed $ 1.8 million dollars in the operation, according to documents from the securities regulator (SEC).
Executives of large firms tend to sell shares at intervals through these types of capital management plans that follow the law, but some decide to delay these movements to prevent it from appearing totake advantage of events that skyrocket their prices.
A few months ago, some Moderna executives sold large amounts of shares after announcing promising early-stage results, prompting criticism and even a warning from SEC Chairman Jay Clayton to companies practice “good corporate hygiene” in “these times”.