Pfizer Inc CEO Albert Bourla pocketed about US$5.6 million after selling stock, the latest executive to reap the rewards of insider share transactions amid a vaccine-fueled rally for some pharmaceutical companies.
Bourla disposed of more than 130,000 shares on Monday, according to a filing with the US Securities and Exchange Commission.
Sally Susman, executive vice president and chief corporate affairs officer at Pfizer, also offloaded about US$1.8 million in stock.
Photo: AFP
Pfizer’s shares soared that day after a report on results from its experimental vaccine with partner BioNTech SE.
US National Institute of Allergy and Infectious Diseases Director Anthony Fauci called the test findings “extraordinary” and regulators on both sides of the Atlantic could clear the vaccine for emergency use imminently.
Both executives’ sales were done under prearranged 10b5-1 trading plans, which let people schedule sales in advance at certain times or prices, absolving themselves from accusations of insider trading.
Public-company executives typically receive a considerable share of their compensation in the form of stock, and the vast majority periodically sell part of their holdings.
A Pfizer spokeswoman said the sales were part of the executives’ personal financial planning.
Bourla authorized the sale in August last year and Susman in November, provided the stock reached a certain price.
Still, some governance watchdogs criticize executive sales generally, and trading plans in particular, asking why bosses would dispose of stock if they think the price might be higher in the future.
Moderna Inc, for example, has received scrutiny as executives sold large amounts of stock throughout the spring and the summer.
Moderna CEO Stephane Bancel has sold more than 500,000 shares this year, but the value of his stake has swelled as the stock has rallied more than 300 percent this year.
Moderna is also slated to release its own late-stage COVID-19 vaccine data sometime this month that could push prices higher.
Moderna did not immediately respond to e-mailed requests seeking comment.
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