Pfizer and Bayer withdraw from certain business activities in Russia (NYSE:PFE)

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Pfizer Monday (NYSE: PFE) and Bayer (OTCPK: BAYZF) (OTCPK: BAYRY) announced their decision to reduce some business operations in Russia as Western companies continue to leave the country following its war with Ukraine.

However, Pfizer (PFE) said the company would maintain “humanitarian supply of medicine” to Russians and channel all profits to humanitarian efforts to benefit Ukrainians.

“…maintaining drug supply from Russia does not mean that we will continue to do business as usual in Russia,” the company added, noting that it would not start new clinical trials in the country and would not stop the ongoing recruitment of new patients. studies.

Pfizer (PFE) plans to work with US regulators to transfer all clinical studies to sites outside the country.

The company has no manufacturing operations in Russia and following the dispute, Pfizer (PFE) said it would stop funding local suppliers for manufacturing capacity in the country.

Meanwhile, German conglomerate Bayer (OTCPK:BAYZF) also said it had halted all spending in Russia and its ally Belarus. However, this decision excludes essential health and agricultural products.

“Withholding essential health and agricultural products for civilian populations – such as treatments for cancer or cardiovascular disease, health products for pregnant women and children, and seeds to grow food – would only multiply the toll of the war in human lives”, Reuters reported Monday citing Bayer (OTCPK:BAYZF). Russia generates about 2% of the company’s turnover.

Learn about other US healthcare companies that have severed ties with Russia.