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Pfizer Stock Active After CFO Retirement, FDA Application For COVID Pill Approval

Pfizer said its longtime CFO Frank D’Amelio will retire, and filed a formal application for Emergency Use Approval of its promising COVID antiviral treatment.

Pfizer  (PFE) - Get Pfizer Inc. Report shares nudged higher Wednesday after the drugmaker said its long-serving CFO would step down in the coming months. 

Frank D’Amelio will retire after a fifteen year career with Pfizer, the company said, and will stay on with the group while it searches for his replacement. In a parallel move, Pfizer said it will add its chief supply officer, mike McDermott, to the executive leadership team starting in January of next year.

Pfizer also noted late Tuesday that it's completed its submission to the U.S. Food & Drug Administration for Emergency Use Approval (EUA) of Paxlovid, the group's promising COVID antiviral treatment. 

Pfizer said earlier this month that only 0.8% of participants in a trial of around 1,200 who received the treatment -- along with its existing HIV treatment ritonavir -- within three days of developing symptoms were hospitalized.

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“I want to thank Frank for his many years of service to Pfizer as CFO and for the impact he has had on the Company and the patients we serve,” said CEO Albert Bourla. “Frank has driven a strategic vision for the Company’s financial success, and he leaves Pfizer in a strong position for future growth having been instrumental in our multi-year transformation to an industry leading, science-based biopharmaceutical company.”  

Pfizer shares were marked 0.5% higher in early trading Wednesday to change hands at $49.86 each.

Reports also suggest that the FDA will offer a quick review of its application to have its COVID booster shot approved for all American adults.

The FDA promised to review the application "as expeditiously as possible", opting for an internal decision as opposed to one from a panel of outside experts, with a decision expected as early as this week. An advisory panel to the U.S. Centers for Disease Control and Prevention is expected to meet Friday to approve the Pfizer request.

The FDA approved Pfizer's COVID vaccine, known as 'Comiranty', for booster shots in older and at risk Americans in late September.