Pfizer’s Wall Street critic-turned-executive digs into the company’s problems, obesity plans

NEW YORK — In his first public comments, Pfizer’s new innovation chief — once a Wall Street analyst skeptical of the company — said he was confident in the company’s obesity plans and shed light on why he joined the pharmaceutical giant.

Andrew Baum was managing director of equity research at Citigroup until last May, when Pfizer announced that he would take on the role of chief strategy and innovation officer. As such, Baum is involved in selling the company’s R&D plans to investors — no small feat with an activist investor breathing down the company’s neck and a fragile stock price. 

CEO Albert Bourla made a “pragmatic and thoughtful” assessment of the company when he approached Baum in early 2024, Baum told the crowd at STAT’s Breakthrough Summit East Thursday. Pfizer’s R&D team has created effective medicines, he assessed. They just haven’t done so with revenue in mind.