Could Pfizer Be a Millionaire-Maker Stock?
When Albert Bourla assumed the role of chairman and chief executive officer at Pfizer (NYSE: PFE) at the beginning of 2019, he moved quickly to create a smaller, more research-based organization. With Monday's news of positive trial results from Pfizer and partner BioNTech's coronarvirus vaccine candidate, we're seeing how those actions may have set the company up to reward shareholders for the coming decade.
Under Bourla's leadership in 2019, Pfizer began a joint venture with GlaxoSmithKline (LSE: GSK) for the over-the-counter business, purchased Array BioPharma for $11.4 billion and biotech Therachon Holding for $340 million, and announced the spinoff of its generic division (Upjohn). In short, Bourla wasted little time reshaping the business. The company closed out 2019 well positioned to deliver innovative treatments to patients, moving past the products whose glory days were gone.
It may seem like COVID-19 would have derailed the strategy for the time being, but the breakthrough research the company is doing with partner BioNTech (NASDAQ: BNTX) is just the kind of work Bourla imagined when he began changing the company -- and early results show the moves are paying off.
Source Fool.com
