Pfizer is holding off on price increases to some of its drugs after being singled out by Trump

REUTERS/Luke MacGregor

• President Donald Trump singled out pharma giant Pfizer on Monday in a tweet about drug pricing.
• Pfizer had increased the price of 100 of its products, including Viagra as of July 1, the Financial Times reported earlier in July. 
• After a conversation between Trump and Pfizer CEO Ian Read, Pfizer said it plans to defer the price increases, returning the prices to where they were before July 1 "as soon as technically possible," the company said in a statement. 

Pfizer is deferring the price increases it planned to take on some of its prescription drugs following a conversation between its CEO Ian Read and President Donald Trump.

Trump had singled out the pharmaceutical giant on Monday over its recent price hikes. Pfizer had increased the price of 100 of its products, including Viagra as of July 1, the Financial Times reported earlier in July.

"Pfizer & others should be ashamed that they have raised drug prices for no reason," Trump said in the initial tweet.

The prices will go back to where they were before July 1 "as soon as technically possible." However, the deferral of an increase is contingent on whether the Trump administration's drug pricing blueprint goes into effect by the end of the year. 

"The company will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president's blueprint goes into effect or the end of the year - whichever is sooner," Pfizer said in a statement. 

The return of the price to its pre-July 1 was first broadcast by Trump in a tweet, in which he characterized it as "rolling back price hikes, so American patients don't pay more."

Here's Pfizer's full statement:

"Following an extensive discussion with President Trump today, Pfizer's Chairman and CEO Ian Read announced that it will defer the company's price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients. The company will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president's blueprint goes into effect or the end of the year - whichever is sooner. In addition, the price declines the company took as of July 1 will remain in effect."

"'Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need,' said Ian Read. 'The most fundamental way the biopharmaceutical industry creates value is by discovering innovative medicines that help people live longer, healthier, more productive lives. We have entered an exciting new era with scientific advances that will result in future breakthroughs and cures. This highly complex and important work also generates hundreds of thousands of highly skilled jobs across the U.S. Furthermore we have recently committed $5 billion of capital to expand our manufacturing in the U.S. We are encouraged that the President recognizes the value our industry brings to society and our ability to fulfill our mission to discover and bring innovative new medicines to patients.'"

Get the latest Pfizer stock price here.