Pfizer is a pharmaceuticals and biotechnology company.
Pfizer Inc. is an American multinational pharmaceutical corporation headquartered in New York City. It is one of the world’s largest pharmaceutical companies. It is listed on the New York Stock Exchange, and its shares have been a component of the Dow Jones Industrial Average since 2004. Pfizer ranked No. 57 on the 2018 Fortune 500 list of the largest United States corporations by total revenue.
On December 19, 2018, Pfizer announced a joint merger of their consumer healthcare division with UK pharma giant GlaxoSmithKline; the British company will maintain a controlling share (listed at 68%).
The company developed and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, endocrinology, and neurology.
In 2016, Pfizer Inc. was expected to merge with Allergan, plc to create the Ireland-based “Pfizer plc” in a deal that would have been worth $160 billion. The merger was called off in April 2016, however, because of new rules from the United States Treasury against tax inversions, a method of avoiding taxes by merging with a foreign company. The company has made the second-largest pharmaceutical settlement with the United States Department of Justice.
The gains have come while traders await the conclusion of the final Fed meeting of 2023.
The updated vaccine specifically addresses the XBB.1.5 subvariant of the Omicron variant, which has raised concerns due to its potential to evade immunity conferred by earlier versions of the vaccine.
Covid vaccine stocks, including Moderna, BioNTech, and Novavax have all closed higher as new vaccinations and treatments roll out.