Pfizer, one of the world’s biggest drug companies, posted better-than-expected results for the second quarter and raised its full-year profit forecast on Tuesday. The company reported $14.7 billion (€12.74bn) in sales and earnings of $0.51 (€0.44) per share.
By around 4:00 p.m. CEST, Pfizer’s stock had risen more than 4%, trading at $24.58. Our business is doing well, and I’m happy with the progress we made in the second quarter, said chairman and CEO Albert Bourla in a statement. In May, U.S. President Donald Trump signed an order that would force drug companies to lower their prices using a “Most Favored Nation” policy.
This means drugmakers wouldn’t be allowed to charge more in the U.S. than they do in other rich countries. In places like Europe, medicine prices are often lower because national healthcare or insurance helps cover the costs.
Experts warned that this could lead to considerable losses for drug companies in the U.S. and possibly reduce access to some medicines. Still, the president pushed forward, recently sending letters to 17 drug companies, asking them to take clear steps to lower prices by September 29. This includes offering all their current medicines to Medicaid patients at prices no higher than those in Europe.
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