Pfizer Inc. stated that it will no longer conduct clinical trials in Russia. It also said that all the profits it made from its Russian subsidiary would be donated to Ukraine relief efforts.
It also said that Russia would continue to receive medicines from the drugmaker out of concern for vulnerable patients like children and the elderly who depend on the company’s therapies.
The company “concluded that a voluntary pause in the flow of our medicines to Russia would be in direct violation of our foundational principle of putting patients first,” according to the statement. Pfizer said it doesn’t own or operate any manufacturing sites in Russia and plans to cease planned investments with local suppliers.
Russia faces increasing economic pressure due to sanctions from the U.S., European Union, and other countries. Numerous multinational corporations also decided to stop operations in Russia. Moscow threatened asset seizes and other possible reprisals.
Pfizer stated that it will work with U.S. Food and Drug Administration and regulators to relocate current clinical trials outside Russia. According to the company, patients already enrolled in clinical trials will receive their medications.
Pfizer stock rose 0.7% on Monday in premarket trades