Biotech Values

[DewDiligence]

PFE hires CFO who was architect of CVS-AET merger:

https://www.barrons.com/articles/pfizer-cfo-david-denton-pfe-stock-51649526811

Pfizer on Monday named a new chief financial officer with a resume that hints at the company’s plans to spend big with its Covid-19 vaccine windfall.

[David] Denton most recently was CFO of the hardware retail chain Lowe’s (LOW), but before that was in the CFO seat at CVS Health (CVS), where he was responsible for structuring and negotiating the terms and financing of the company’s $70 billion acquisition of the health insurer Aetna. That was one of the largest healthcare acquisitions of all time, completing CVS’s transition from a retail chain to a vertically-integrated healthcare giant.

At Pfizer, Denton will be sitting on a massive war chest that CEO Albert Bourla has said he intends to spend, at least in part, on mergers and acquisitions.

PFE’s outgoing CFO is retiring after a long stint at the company.