Pfizer is Real Money's stock of the day.
Real Money reporter Kevin Curran reported, "Shares of the New York City-based pharmaceutical giant have remained largely flat to slightly negative in pre-market, adding further signs of uncertainty to what has been a tumultuous fourth quarter so far amid pressure from both President Trump and HHS Secretary Alex Azar on the pricing issue."
Effective January 15, 2019, the list price of 10% of Pfizer's medicines, 41 products in total, will see price increases. For shareholders, this will bring in what Read has called a return to "business as normal."
"I expect that like most industries, we will look at our pricing situation in January and take decisions based on what the competitive set is and what our value proposition is in the new marketplace," he said on the company's third-quarter earnings call. "We've been working with the President on parts of the blueprint and I expect our approach by the end of year will be, what I would characterize as business as normal."
TheStreet's Armie Margaret Lee first broke the story Friday, Nov. 16.
On most of those drugs, the planned price hike will be 5%. "The only exceptions are three products that have a 3% increase and one product that is increasing 9% due to the completion of two extensive development programs that have led to the recent FDA approvals of two new medical uses that meet unmet patient needs," Pfizer said.