Pfizer to defer price increases following CEO's talk with Trump

|About: Pfizer Inc. (PFE)|By:, SA News Editor

Pfizer (NYSE:PFE) -1.2% after-hours after saying it will defer recent drug price increases, following Pres. Trump's criticism of the company.

PFE reversed course after CEO Ian Read spoke today with Trump and Health and Human Services Secretary Azar.

PFE says it will "return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president’s blueprint goes into effect or the end of the year - whichever is sooner."

PFE had raised list prices on ~40 medicines, including Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo.

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