Pfizer is planning to resume raising prices on its drugs after implementing a freeze for the second half of 2018, according to a Wall Street Journal report.
The company is set to increase prices on 41 products, or about 10% of its drug portfolio, in January. Nearly all of the increases will be 5% or lower; one drug’s list price will go up 9%, the company said in a statement.
Pfizer halted its planned price increases in July after criticism from President Donald Trump, who called out the drugmaker specifically in a tweet. The company quickly decided to freeze price increases until the end of 2018, spurring a domino effect among other drugmakers.
Since the price freeze, the Trump administration has proposed a rule requiring drugmakers to put a drug’s list price in DTC ads and suggested list prices be based on an international average.
Pfizer reported 1% revenue growth in Q3 to $13.3 billion, missing analysts’ expectations. Sales in its innovative health business rose 4% year-on-year to $8.5 billion, but its essential health unit, which houses off-patent drugs, fell 4% that quarter to $4.8 billion.
The company also said in October that its CEO, Ian Read, is planning to step down at the end of the year. COO Albert Bourla is set to take his place in January 2019, with Read moving into the role of executive chairman.
