Pfizer Inc. said it will no longer start new clinical trials in Russia and will donate all profits from its subsidiary in the country to Ukraine relief causes.
At the same time, the drug’s maker said in a statement that it would continue to supply the drug to Russia, out of concern that vulnerable patients such as children and the elderly who rely on its therapies could may be harmed if it stops working.
The company “concluded that the voluntary suspension of the flow of our drugs to Russia would directly violate our basic principle of putting patients first,” according to the statement. Pfizer said it does not own or operate any production sites in Russia and plans to discontinue planned investments with local suppliers.
Growing economic pressure on Russia, including sanctions from the US, European Union and others, over the war in Russia. Ukraine. Many multinational corporations have also chosen to suspend their operations in Russia, although Moscow has prevented asset seizures and other potential retaliatory measures.
Pfizer said it will work with the US Food and Drug Administration and other regulators to move existing clinical trials to alternative locations outside of Russia. The company says patients who are enrolled in the study will continue to receive the drug.
Shares of Pfizer rose 0.7% in pre-market trading on Monday.
