Nov 10, 2020 - Health

Pfizer's CEO sold $5.6 million in stock on same day of vaccine news

Pfizer CEO Albert Bourla stands on the New York Stock Exchange floor.

Pfizer CEO Albert Bourla. Photo: Drew Angerer/Getty Images

Pfizer CEO Albert Bourla sold $5.6 million worth of stock on Monday — the same day it said its and BioNTech's coronavirus vaccine showed 90% effectiveness in preliminary results, which saw the company's stock soaring almost 8%.

Between the lines: The stock sale is perfectly legal through a predetermined plan called Rule 10b5-1, but the optics aren't great. A Pfizer spokesperson did not add any new information in a statement, saying the sale was part of a predetermined plan created in August.

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