Pfizer, a major drug company, shared strong second-quarter results on Tuesday and raised its profit forecast for the year. The company made $14.7 billion (€12.74bn) in sales and earned $0.51 (€0.44) per share.
By 4:00 p.m. CEST, Pfizer’s stock had gone up more than 4%, reaching $24.58. Our business is doing well, and I’m happy with the progress we made in the second quarter,” said CEO Albert Bourla. In May, U.S. President Donald Trump signed an order that would make drug companies lower their prices under a “Most Favored Nation” rule.
The plan aims to stop drugmakers from charging more for medicines in the U.S. than in other developed countries. In Europe, prices are often lower because government healthcare or insurance covers much of the cost.
Experts warned this move could hurt drug company earnings in the U.S. and limit access to some medicines. Despite that, Trump continued with the plan. Last week, he sent letters to 17 drug companies, asking them to lower prices by September 29. He also asked them to offer all their medicines to Medicaid patients at prices no higher than those in Europe.
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