Ex-Pfizer Employee Netted $270,000 In Illicit Profits Tied To Paxlovid Results

A former employee of a pharmaceutical company has been found guilty of insider trading related to Covid-19 antiviral test results. The individual profited significantly, earning $270,000 from the scheme. The person bought short-term call options for stock in the company immediately after learning about the positive results of a key study. The stock price saw a substantial increase the following day after the company announced the success of the antiviral pill in reducing the risk of hospitalization or death. Another individual involved in the scheme was previously convicted and earned $60,300 from the same stock scheme. The convicted individuals could face a prison sentence of five to 20 years.