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IRead, the CEO of pharmaceutical giant Pfizer, plans to retire at the end of this year and hand over his position to Albert Bourla, the company's chief operating officer.
The change of direction comes at a time when the pharmaceutical industry is under scrutiny from the White House and Congress. In July, President Trump specifically called Pfizer for raising prices, saying other companies "must be ashamed". In response, Pfizer has pushed back planned price increases for dozens of products until the end of the year.
Pfizer and others should be ashamed of having increased drug prices for no reason. They simply benefit the poor and other people who can not defend themselves, while offering good basement prices to other countries in Europe and elsewhere. We will answer!
– Donald J. Trump (@realDonaldTrump)
July 9, 2018
Effective January 1, 2019, Mr. Read will become president and Mr. Bourla will become CEO, according to a statement released Monday. Mr. Bourla has held various positions at Pfizer in its 25 years of existence, and Mr. Read has held his position since 2010.
Pfizer has suffered more than $ 23 billion in lost sales over the last few years, as competitors have been selling less expensive generic drugs.
"The company came out of the abyss in which it was and is really ready for growth," said Read in an interview with The Wall Street Journal. "Given my age, it's time for me to continue."
The company is renowned for its Lipitor cholesterol drug and Lyrica pain medication, which will lose its exclusivity by the end of the year. The company has more than 15 other drugs under development, each of which is expected to generate sales of more than $ 1 billion.
Last year, Pfizer reported revenue of $ 52.5 billion, down 1% from the previous year.
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