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Pfizer Hikes Prices on More Than 100 Drugs
On January 1, Pfizer raised U.S. prices for more than 100 of its drugs, some by as much as 20%, according to a report from Reuters.
The company confirmed a 9.4% increase for its profitable pain medication pregabalin (Lyrica), which generated $2.3 billion in 2014 U.S. sales; a 12.9% increase for its blockbuster erectile dysfunction drug sildenafil (Viagra), which had 2014 U.S. sales of $1.1 billion; and a 5.0% increase for palbociclib (Ibrance), a breast cancer treatment launched last year at a list price of $9,850 per month or $118,200 per year.
These and other price increases were compiled by a unit of Wolters Kluwer Health and were published in a research note by UBS Securities.
UBS said Pfizer hiked prices by 20% for the anticonvulsant drug phenytoin (Dilantin); the estrogen hormone therapy Menest; the nitroglycerin drug Nitrostat for angina; the atrial fibrillation treatment dofetilide (Tykosyn); and the antibiotic tigecyclin (Tygacil).
The analyst report said U.S. prices were raised on a total of 105 Pfizer drugs. No price reductions were reported.
Pfizer isn’t the only drug-maker to raise prices, according to Reuters. Research firm Truveris found that U.S. prescription drug prices rose 10.9% in 2014, including a 15% increase for brand-name products.
Pfizer plans a $160 billion merger with Ireland-based Allergan Plc to slash its U.S. tax bill, Reuters reported. The deal would create the world’s largest drug-maker and would shift Pfizer’s headquarters to Ireland. It would also be the most significant case of a U.S. company re-incorporating overseas to lower its taxes. President Barack Obama has called such “inversion deals” unpatriotic and has tried to crack down on the practice.
Pfizer posted biopharmaceutical revenue of $45.7 billion in 2014, including U.S. sales of $17.2 billion.
Source: Reuters; January 8, 2016.