Pfizer (PFE) Soars on Tariff Exemption, Landmark US Govt Deal

We recently published 11 Stocks Crushing Wall Street With Whopping Gains. Pfizer Inc. (NYSE:PFE) is one of the top performers on Tuesday.

Pfizer Inc. extended its winning streak to a third straight day on Tuesday, jumping 6.83 percent to close at $25.48 apiece as investors cheered its exception from the US government’s imposition of 100 percent tariffs on pharmaceutical imports.

In a statement, Pfizer Inc. (NYSE:PFE) said it reached a landmark agreement with the US government to lower prescription drug costs for American patients.

In response to the four points covered in Trump’s letter on July 31, Pfizer Inc. (NYSE:PFE) said it agreed to implement measures to ensure Americans receive comparable drug prices to those in other developed countries, and that pricing of newly launched medicines are at par with other developed markets.

Pfizer Inc. (NYSE:PFE) will also participate in a direct purchasing platform, TrumpRx.gov, that will allow American patients to purchase medicines from Pfizer at a significant discount.

The large majority of the company’s primary care treatments and some select specialty brands will be offered savings as much as 85 percent and on average 50 percent.

The agreement exempts the company from getting slapped with a 100 percent tariff that will be effective to all pharmaceutical imports beginning tomorrow, October 1.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.