Pharmaceutical giants Pfizer
International sanctions have been broad and robust, with massive swaths of the Russian economy becoming untenable for business, not just for foreign firms but even for many Russian ones. Whether in response to sanctions, in fear of volatility in Russia, or out of their qualms with the invasion, countless corporations have reduced or entirely their Russian operations. While Pfizer and Eli Lilly are set to wind down parts of their Russian businesses partially, they have stated that shipments of vital medicine will continue uninterrupted.
The reasoning is relatively straightforward; neither firm wants to leave the Russian populace without access to medicine.
"Ending delivery of medicines, including cancer or cardiovascular therapies, would cause significant patient suffering and potential loss of life, particularly among children and elderly people." Said Pfizer in a press release. "However, maintaining the supply of medicines to Russia does not mean we will continue doing business as usual in Russia. Today we are announcing that effective immediately Pfizer will donate all profits of our Russian subsidiary to causes that provide direct humanitarian support to the people of Ukraine."
In addition, while Pfizer doesn't have any facilities in Russia, it has terminated any planned investments. Additionally, the company is halting any new clinical trials but will continue to tend to patients and provide them with medicine during existing trials.
Eli Lilly is taking a similar approach to winding down aspects of its Russian operations, though it is also halting shipments of "non-essential" medicine. While an official list hasn't been published, it can be assumed that the company intends to suspend shipments of drugs that do not actively treat any life-threatening illness.
Pfizer shares were flat on Tuesday, ending at the day's trading at the same price as of Monday's close. Eli Lilly shares had a better day, gaining 2.5% by the end of the day.
