Pfizer (NYSE:PFE) shares are trading higher Wednesday after President Donald Trump announced a drug-pricing deal with the company.
What To Know: Trump said Pfizer will voluntarily cut prices on many of its drugs for Medicaid patients, with discounts averaging 50% and reaching as high as 85%. The deal covers a wide range of the company's primary care and specialty brand-name medicines.
As part of the agreement, Pfizer will receive a three-year grace period before tariffs on pharmaceuticals made abroad take effect. The deal also includes the launch of a government-run "TrumpRx" website, which will direct consumers to manufacturers' direct-to-consumer platforms. The site is expected to go live in early 2026 and will be open to all Americans.
Some of the largest price reductions include Duavee, which will drop to $30, Toviaz to $42, and Eucrisa to $162. Trump added that all new Pfizer drugs introduced in the U.S. market will also be sold at reduced prices.
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PFE Price Action: At the time of writing, Pfizer shares are trading 7.06% higher at $27.29, according to data from Benzinga Pro.
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