Pfizer Chief Executive Officer Albert Bourla sold company shares worth $5.56 million, according to a regulatory filing that showed the sale was made on Monday, the same day the drugmaker reported positive data on its experimental Covid-19 vaccine.
The company said on Wednesday the sale was part of a pre-announced trading plan, adopted by Bourla on Aug. 19.
Bourla sold 132,508 shares at $41.94 per share, according to a Securities and Exchange Commission filing late Tuesday.
"The sale of these shares is part of Dr. Bourla's personal financial planning and a pre-established (10b5-1) plan, which allows, under SEC rules, major shareholders and insiders of exchange-listed corporations to trade a predetermined number of shares at a predetermined time," Pfizer said.
"Through our stock plan administrator, Dr. Bourla authorized the sale of these shares on August 19, 2020, provided the stock was at least at a certain price."
Pfizer on Monday said its experimental Covid-19 vaccine was more than 90 percent effective based on initial trial results, sending its shares higher along with the broader markets.
Pfizer and German partner BioNTech have said no serious safety concerns were found so far and expect to seek U.S. emergency use authorization this month, raising the chance of a regulatory decision as soon as December.