Pfizer Says CEO Ian Read to Retire; COO Albert Bourla Will Lead Group From 2019

Pfizer shares are down slightly following news that long-serving CEO Ian Read will step down by the end of the year.
By Martin Baccardax ,

Pfizer Inc. (PFE) - Get Report shares were down slightly on Monday following news that long-serving CEO Ian Read will step down by the end of the year.

Read, who has led the pharmaceutical giant since 2010, would be replaced by current Chief Operating Officer Albert Bourla but would transition to executive chairman.

"It's been an honor to serve as Pfizer's CEO for the past eight years," Read said in a statement. "However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era."

"Albert is an energizing leader who has an unwavering commitment to serving patients. With 25 years at Pfizer, he has developed an extensive knowledge of the industry and demonstrated an ability to build and grow businesses," Read added. "With Albert at the helm, our dedicated colleagues across the globe are poised to deliver the next stage of growth."

Bourla, who previously led Pfizer's Innovative Health Business, said he was "humbled and privileged" to be named group CEO and was looking forward to "working with our colleagues to deliver critical medicines to patients all over the globe, which remains the compass for all we do at Pfizer."

Pfizer boosted its full full-year earnings guidance by 5 cents, to a range of $2.95 to $3.05 per share, while at the same time lowering the mid-point of its 2018 revenue guidance by $500 million to "reflect unfavorable changes in foreign exchange rates" and a stronger U.S. dollar following stronger-than-expected second quarter earnings.

Pfizer said adjusted earnings for the three months ending in June came in at 81 cents a share, easily topping the consensus forecast of 74 cents and rising 20.9% from the same period last year. Group revenues came in at $13.47 billion, up 4.36% from the same period last year and beating the consensus forecast of $13.33 billion.

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