Pfizer to Donate Russian Profits to Humanitarian Causes Midst Ukrain War

Pfizer’s CEO Albert Bourla, Ph.D., announced just a few days ago that the company will suspend its investments in Russia but continue to supply vital drugs. Pfizer is now offering to donate all profits from its Russian business, expanding its Humanitarian commitment even further. The revenues would go to “causes that provide direct Humanitarian support to the people of Ukraine,” according to a statement released by the firm on Monday.

The move comes after Bourla told CBS News’ “Face the Nation” that Pfizer would stop making new investments in Russia as a result of the country’s invasion of Ukraine. Pfizer also said on Monday that it will halt recruiting for ongoing clinical studies in Russia and will not conduct any new ones. The corporation intends to cooperate with regulators to relocate its current trials to new locations.

“These decisions are in line with our patient-first beliefs,” the business stated in a statement, “and ensure that every dollar of profit gained from Russia will help Ukraine and its people as they heroically defend their nation and independence from this unwarranted and unjustifiable aggression.” Pfizer is far from the only company in its peer group to assist Ukraine. According to a rolling tally from the European Federation of Pharmaceutical Industries and Associations, more than two dozen pharma businesses with European operations have promised support for the Ukrainian people.

Cash and drug gifts, as well as more support for local staff, are among the commitments. So far, AbbVie, AstraZeneca, GlaxoSmithKline, Eli Lilly, Merck, Novartis, and a number of other businesses have pledged their support. Bayer, for one, announced on Monday that it was ceasing all “non-essential” business in Russia. For example, the corporation has halted advertising and investing in Russia, but it continues to deliver vital supplies.