NEW YORK - Pfizer Inc. (NYSE: NYSE:PFE) announced today that it has initiated the process of finding a successor for its long-serving Chief Scientific Officer and President of Research & Development, Dr. Mikael Dolsten. Dolsten, who has been with the company for over 15 years, will assist in the search for his replacement and remain in his role until a new CSO is appointed and a transition is completed.
Under Dolsten's leadership, Pfizer has achieved notable drug and vaccine approvals, with more than 35 products receiving the green light from regulatory agencies. Notably, more than half of these approvals were for new molecular entities.
Among the significant products developed during his tenure are treatments for inflammatory diseases, cardiovascular conditions, stroke prevention, hemophilia, and cancer. His most prominent achievements include the development and approval of Pfizer's COVID-19 vaccine and oral therapeutic.
Dr. Dolsten's career at Pfizer began following the acquisition of Wyeth in 2009, where he served as President of Worldwide Research and Development. Before Pfizer and Wyeth, he held executive roles in research and development at Boehringer Ingelheim and AstraZeneca (NASDAQ:AZN).
Albert Bourla, Chairman and CEO of Pfizer, expressed gratitude for Dolsten's "incredible contributions" to the company, the scientific community, and patients globally. He highlighted Dolsten's role as a distinguished scientist and leader, whose work has left an indelible mark on Pfizer's legacy.
The search for a new CSO comes as Pfizer continues to apply its scientific resources towards developing therapies that improve and extend lives. The company, which has been in operation for 175 years, maintains a focus on innovation in medicines and vaccines.
Pfizer's announcement is based on a press release statement.
In other recent news, Pfizer faces multiple legal challenges, including a denied appeal in a Zantac cancer case involving over 70,000 lawsuits, and a lawsuit initiated by the state of Kansas alleging misleading statements about its COVID-19 vaccine. Pfizer, along with other pharmaceutical giants, is also implicated in a lawsuit accusing them of facilitating terrorism through illegal financial contributions, with the U.S. Supreme Court directing a lower court to reassess the case.
On a more positive note, Pfizer recently appointed Cyrus Taraporevala to its Board of Directors. Taraporevala, a former President and CEO of State Street (NYSE:STT) Global Advisors brings a wealth of experience in the financial sector to his new role.
Despite these developments, investment banking firm Jefferies has maintained its Buy rating for Pfizer, citing promising results from the company's cardiovascular drug Tafamidis. Pfizer, in collaboration with partners BioNTech (NASDAQ:BNTX), Moderna (NASDAQ:MRNA), and Novavax (NASDAQ:NVAX), is also involved in the development of updated COVID-19 vaccines.
These updates provide a snapshot of recent developments surrounding Pfizer.
InvestingPro Insights
As Pfizer Inc. (NYSE: PFE) actively seeks a new Chief Scientific Officer to uphold its legacy of innovation, the company's financial stability and shareholder value proposition remain key considerations for investors. According to InvestingPro, Pfizer has demonstrated a commendable commitment to its shareholders, as evidenced by its track record of raising dividends for 13 consecutive years and maintaining dividend payments for over five decades. This consistency is a testament to the company's robust financial management and strategic planning.
InvestingPro Data highlights Pfizer's substantial market capitalization of $158.27B, indicating its significant presence in the pharmaceutical industry. The data also reveals a notable dividend yield of 6.02%, which is particularly attractive to income-focused investors. Furthermore, the company's gross profit margin of 59.41% for the last twelve months as of Q1 2024 underscores its ability to maintain profitability despite the challenges in the healthcare sector.
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