Skip to main content

Pfizer's then-chief executive Ian Read leaves after appearing at a commons science committee hearing at Portcullis House in London on May 14, 2014.

Luke MacGregor/Reuters

Pfizer Inc said on Friday Ian Read will retire as executive chairman at the end of this year, after a four-decade association with the largest U.S. drugmaker that included eight years as chief executive officer.

Company veteran Albert Bourla, who succeeded Read, will assume the additional role of chairman.

Read, 66, helped Pfizer weather patent expirations of several blockbusters, including cholesterol drug Lipitor, through dealmaking, expansion in emerging markets and cost cuts.

Story continues below advertisement

The drugmaker has since eschewed large, transformative deals because of confidence in the strength of its pipeline.

In July, Pfizer announced plans to spin off its off-patent branded drugs business and combine it with generic drugmaker Mylan NV, a move that will help the company focus on its innovative drugs that generate more profit.

Separately, the drugmaker reported positive data from a late-stage study testing its experimental atopic dermatitis treatment, abrocitinib.

The company’s shares gained 0.6 per cent at $36 in premarket trading.

Related topics

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter
To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies