Pfizer to price Covid treatment Paxlovid at $1,390 per course
Paxlovid pill
American multinational pharmaceutical Pfizer will price its coronavirus (COVID-19) drug Paxlovid at $1,390 per course. The price of the five-day course of the COVID-19 antiviral drug will be set when the company starts to make it available to the commercial market later this year.
The Wall Street Journal first reported about the price of Paxlovid, later a company spokesperson on Wednesday confirmed it.
The price is before rebates and discounts to insurers and also the pharmacy benefit managers. The list price is more than double the $529 the federal government paid for Paxlovid.
Since December 2021, when the FDA initially authorised the medication, the government has acquired and supplied Paxlovid to the people for free.
However, the company will sell Paxlovid directly to health insurers starting in 2024. But then, the demand for Covid vaccines and treatments has fallen significantly.
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Doctors, health professionals, and patient activists are concerned that increasing the price may limit access to the treatment.
A spokesperson for the company said in a statement to CNBC, "As always, Pfizer's goal is to ensure broad and equitable access to our medicines."
"We are working diligently with payers to achieve the best possible formulary placement for PAXLOVID, resulting in low OOP costs for patients," the spokesperson added.
Pfizer cuts earnings outlook
Recently, Pfizer sharply scaled back its earnings outlook for the year, blaming lower-than-expected sales of two drugs used to treat Covid, the company said Friday.
It now "anticipates full-year 2023 revenues to be in the range of $58.0 to $61.0 billion, versus its previous guidance range of $67.0 to $70.0 billion," Pfizer announced in a statement.
Earnings per share - the benchmark for the markets - should come in at between 1.45 and 1.65 dollars, compared with 3.25 to 3.45 dollars previously anticipated.
The cut to Pfizer's guidance was "solely due to its COVID products," the company said.
"Full-year 2023 revenues for Paxlovid and Comirnaty are expected to be approximately $12.5 billion, a decline of $9.0 billion versus original expectations," it added.
(With inputs from agencies)
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