Pfizer ( PFE -0.62% ) has swallowed its little blue pill.
No, we don't mean Viagra. On Tuesday, the company formally discarded its long-standing logo, replacing it with a new one reminiscent of the double-helix construction of DNA. With relatively minor modifications, the pill logo had represented the company since the 1940s.
But the pharmaceutical giant's slogan ("Breakthroughs that change patients' lives") remains unchanged.
A video presentation posted on Pfizer's Twitter feed explained the symbolism of the new logo through subtitles.
"After more than 170 years of treating disease we arrive at a new era, a time of extraordinary focus on science and dedication to patients," the titles read. "We're unlocking the pill to reveal the DNA at the heart of Pfizer. Embracing the power of science to cure and prevent human disease. This is our new identity, an emblem of our purpose."
The change in logo and the grand pronouncement of purpose come as the company's BNT162b2 coronavirus vaccine, developed in collaboration with Germany-based BioNTech, is rolling out following Emergency Use Authorization from both the U.S. and U.K. healthcare regulators.
It seems Pfizer wants to be associated with innovation and cutting-edge development, rather than identified as a sluggish, complacent maker of medicines and vaccines. BNT162b2 will help greatly in this regard, bolstering its assertion that it is dedicated to being a science-forward company despite its age and its durably strong position on the market.
Investors like when their companies rebrand in a sensible, believable, and relevant way. On Tuesday, Pfizer stock rose by just over 1%, eclipsing the S&P 500's gain on the day.