Pfizer (NYSE: PFE) has announced that it would redirect all profits from its Russian subsidiary to relief efforts in Ukraine.
Concluding that pausing shipments of medicines to Russia would be counter to its principles, Pfizer had already decided to offer humanitarian efforts to Ukraine.
Pfizer also announced that it would refrain from launching new clinical trials in Russia and stop recruiting new patients for trials already underway. In addition, the company will also stop investing in Russia-based suppliers.
Pfizer’s previously announced humanitarian aid efforts included $2 million in funding to organizations such as the UN High Commissioner for Refugees (UNHCR), American Red Cross, International Medical Corps and International Rescue Committee (The IRC).
Other medtech and pharma companies, including Roche (SWX: ROG) and Bayer (ETR: BAYN), have announced similar initiatives.