Pfizer to Roll Back Price Increases After Trump Criticism--Update

By Jonathan D. Rockoff 

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.

Mr. Trump was the first to announce the move in a tweet. "We applaud Pfizer for this decision and hope other companies do the same," Mr. Trump wrote.

Mr. Azar, when asked about President Trump's tweet in a CNN interview, said Mr. Trump "cares passionately" about lowering drug prices and applauded the move by Pfizer, but didn't offer further details.

Pfizer shares fell 1.2% to $36.99 in after-hours trading Tuesday.

Write to Jonathan D. Rockoff at [e-mail]

(END) Dow Jones Newswires

July 10, 2018 19:51 ET (23:51 GMT)

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