Pfizer Inc. said Tuesday that it would “defer” some recent drug-price increases, reversing course after President Donald Trump criticized the company.
The New York-based drugmaker, one of the world’s biggest pharmaceutical companies by sales, faced criticism from President Trump and others after raising the prices of more than 40 drugs last week. Pfizer backtracked after Chief Executive Ian Read spoke with President Trump and Health and Human Services Secretary Alex Azar.
“The company will return these prices to their pre-July 1 levels as soon as technically possible,” Pfizer said. It added that the restored levels “will remain in effect” until the president had a chance to put in his plan to curb high drug prices or the end of the year, whichever is earlier. Pfizer shares PFE, +0.73% fell 1.2% in after-hours trading Tuesday.
Trump was the first to announce the move in a tweet. “We applaud Pfizer for this decision and hope other companies do the same,” Trump wrote.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Why men are wearing watches that don’t tell time.
Billionaire’s secret buyout formula: 110 instructions and an intelligence test.
Source: Read Full Article