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MarketScreener Homepage  >  Equities  >  Nyse  >  Pfizer Inc.    PFE

PFIZER INC.

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Pfizer : More policy, less pomp as Biden-Trudeau meet virtually

02/23/2021 | 05:36pm EST

WASHINGTON (AP) — President Joe Biden's first meeting with a foreign counterpart since taking office was high on policy and low on pomp Tuesday as the coronavirus forced him to convene virtually with Canada'sJustin Trudeau.

The two leaders — Biden in the Roosevelt Room at the White House and Trudeau in the prime minister's office in Ottawa — delivered brief opening remarks in front of the media, with flags from both countries on display at both ends of the long-distance conversation.

“The United States has no closer friend, no closer friend, than Canada,” Biden said.

Trudeau, in turn, commended Biden for quickly rejoining the Paris climate accord, a worldwide pact to curb climate emissions that former President Donald Trump walked away from early in his term. The prime minister, who had a frosty relationship with Trump at times, also took a jab at Trump as he praised Biden.

“U.S. leadership has been sorely missed over the past years,” remarked Trudeau. “And I have to say as we were preparing the joint rollout of the communiqué on this, it’s nice when the Americans are not pulling out all the references to climate change and instead adding them in.”

In pre-pandemic times, such a meeting would have been held with far more fanfare: Biden welcoming the Canadian prime minister with great ceremony upon his arrival, an Oval Office talk between the two leaders, a joint news conference and perhaps a luncheon.

But with both leaders stressing caution to their citizens, Biden and Trudeau set aside the typical protocol and held their talks by video conference. U.S. presidents traditionally invite the Canadian prime minister for their first meeting with a world leader.

While cable stations in the United States stuck with breaking news about pro golfer Tiger Woods' serious car crash, Canada's CTV and CBC carried the leaders' remarks live.

Vice President Kamala Harris, Secretary of State Antony Blinken and national security adviser Jake Sullivan and Juan Gonzales, National Security Council senior director for the Western Hemisphere, joined Biden for the meeting. Trudeau brought Deputy Prime Minister and Finance Minister Chrystia Freeland, Foreign Affairs Minister Marc Garneau, Canada's ambassador to the United States, Kirsten Hillman, and chief of staff Katie Telford.

Later, the two leaders were to hold an extended session that was to include several of Biden's Cabinet-level advisers and Trudeau's ministers.

The agenda includes the two countries' COVID-19 responses, climate change, economic issues and more. Biden and Trudeau plan to deliver joint closing statements, with Biden appearing from the White House East Room, at the end of their meeting. The White House said the leaders also plan to issue a “road map” outlining how the neighboring countries will work together to fight COVID-19, curb climate emissions and pursue other shared priorities.

It was unclear whether Trudeau would again raise with the Democratic president the idea of allowing Canada, which is struggling to vaccinate its population, to buy vaccines from pharmaceutical giant Pfizer's manufacturing facility in Michigan. Canada currently is getting vaccines shipped from a Pfizer plant in Belgium.

Trudeau brought up the issue when the two leaders spoke by phone last month, Biden's first call to a foreign leader as president. But Biden's “first priority” remains “ensuring every American is vaccinated,” White House press secretary Jen Psaki said ahead of the meeting.

Another area of concern for Trudeau is the “Buy American” executive order that Biden signed during his first week in office. It's designed to encourage the federal government to spend more of the roughly $600 billion earmarked for procurement to boost U.S. factories and hiring.

Biden said that as part of the push he was creating a “Made in America” office to evaluate contracts and make sure waivers are used only in “very limited circumstances,” such as when there is an overwhelming national security, humanitarian or emergency need in the U.S. The issue is crucial to Canada since the U.S. accounts for about 75% of its exports.

“I don’t expect them to make any commitments during the meeting today," Psaki told reporters on Tuesday when asked about the possibility of Canada receiving a waiver to the “Buy American” order.

Trudeau is also expected to again raise concerns to Biden about two Canadians imprisoned in China in apparent retaliation for Canada’s arrest of a top Huawei executive, according to a senior Canadian official familiar with the prime minister’s preparation for the call.

Michael Spavor and Michael Kovrig were detained in China following the arrest of Huawei Chief Financial Officer Meng Wanzhou in Canada after the U.S. requested her extradition to face charges that the Chinese telecom company executive committed wire and bank fraud and violated U.S. sanctions on Iran. She denies the allegations. Biden is anticipating that Trudeau will raise the issue and plans to make clear that the White House will be as “supportive as possible to help secure the release" of the two Canadian men, according to a senior Biden administration official who spoke on condition of anonymity to preview the meeting.

China lashed out at Canada last week for joining the U.S. and 56 other countries in endorsing a declaration denouncing state-sponsored arbitrary detention of foreign citizens for political purposes.

Biden also used the call last month to explain his decision to halt building of the Keystone XL pipeline. The long-disputed project was supported by Trudeau and projected to carry some 800,000 barrels of oil a day from the tar sands of Alberta to the Texas Gulf Coast, passing through Montana, South Dakota, Nebraska, Kansas and Oklahoma.

Despite Trudeau’s disappointment with Biden’s decision to cancel the project, Canadian government officials said the call went well between the two leaders, who have known each other for years.

Canadian officials expect Trudeau to have a far more productive relationship with Biden than he did with Donald Trump. The Republican president, in a fit of pique in 2018, took to Twitter following a meeting of the Group of Seven industrialized nations to malign the prime minister as “dishonest and weak” after Trudeau voiced objections to Trump raising tariffs on steel and aluminum from Canada, Mexico and the European Union.

Madhani reported from Chicago and Gillies from Toronto.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Financials (USD)
Sales 2020 48 014 M - -
Net income 2020 16 066 M - -
Net Debt 2020 42 982 M - -
P/E ratio 2020 12,2x
Yield 2020 4,27%
Capitalization 192 B 192 B -
EV / Sales 2020 4,89x
EV / Sales 2021 3,70x
Nbr of Employees 88 300
Free-Float 59,0%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 41,04 $
Last Close Price 34,39 $
Spread / Highest target 54,1%
Spread / Average Target 19,3%
Spread / Lowest Target 4,68%
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Managers and Directors
NameTitle
Albert Bourla Chairman, Chief Executive & Operating Officer
Frank A. D'Amelio Chief Financial Officer & EVP-Business Operations
Lidia L. Fonseca Executive VP, Chief Digital & Technology Officer
Rady A. Johnson Chief Compliance & Risk Officer, Executive VP
Suzanne Nora Johnson Independent Director
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