Merck, Pfizer Rebuts China's Request For Further Price Cuts For COVID-19 Drugs – Yahoo Finance

Merck & Co Inc (NYSE: MRK) and Pfizer Inc (NYSE: PFE) have reportedly signaled that they have not agreed to a request by the Chinese authorities for deeper price cuts for COVID-19 treatments.
Merck’s Lagevrio (molnupiravir) will sell in China for 1,500 yuan ($221) per bottle, local media outlet Jiemian reported, saying that’s lower than the cost in many western countries.
In a statement Wednesday on its official WeChat account, Merck said it was in talks with its state-owned partner, Sinopharm, to enable local manufacturing.
The apparent rebuff coincides with a similar deadlock over Pfizer’s antiviral Paxlovid, writes Bloomberg.
Related: Pfizer Rebuts Generic Version Of COVID-19 Oral Treatment In China, Says It’s Not A Poor Country.
The lack of treatment supply has also intensified public anger that the Chinese government did not adequately prepare for its abrupt shift in virus control.
At a briefing in Beijing, Huang Xinyu, an official with the National Healthcare Security Administration, said it is regrettable that Paxlovid didn’t get coverage due to pricing factors. Still, provisional measures will ensure it’s reimbursed through the end of March.
Price Action: PFE shares closed at $47.62 on Tuesday. MRK shares are down 0.28% at $110.50 during the premarket session on the last check Wednesday.
Photo via Wikimedia Commons
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2023 Benzinga does not provide investment advice. All rights reserved.
Related Quotes
BEIJING (Reuters) -Merck & Co's COVID-19 antiviral treatment molnupiravir was priced at 1,500 yuan ($221.21) per bottle in Tianjin, according to the northern Chinese city's medical purchasing centre on Tuesday. China granted conditional approval for the import of molnupiravir, which was developed by Merck and partner Ridgeback Biotherapeutics. Merck has a deal in place for China's Sinopharm to import and distribute the medication.
SHANGHAI (Reuters) -Merck & Co said on Wednesday it would take legal action against some pharmaceutical companies after noticing that some manufacturers were supplying COVID-19 drugs to some provinces and cities saying the medicines were authorized by Merck. It did not name the companies in the post on its official WeChat account in China. Merck added that Sinopharm is the only legally authorized distributor of Merck's COVID-19 antiviral molnupiravir in China, which is sold under the brand name Lagevrio and was developed by Merck and partner Ridgeback Biotherapeutics.
(Reuters) -NBC News appointed New York Times Deputy Managing Editor Rebecca Blumenstein to a newly created role of president of editorial, the broadcaster announced on Wednesday. NBC News President Noah Oppenheim, who led the division since 2017, will depart in a shake-up that includes two other executive appointments. NBC News is part of the NBCUniversal division of Comcast Corp. It is experiencing an industry-wide decline in broadcast TV news ratings, while also seeking to capture audiences on streaming and other digital platforms.
Is Pfizer stock a buy or a sell after getting a downgrade on its falling Covid-tied sales? Is PFE stock a buy or a sell right now?
LVMH Chairman and CEO Bernard Arnault has reshuffled top management at his luxury goods empire, tightening his family's grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65. Shares in LVMH, Europe's most valuable company at about 380 billion euros ($408 billion), rose as much as 2% to hit new highs.
Mother of missing Massachusetts woman says her daughter called at midnight and 1am on New Year’s Eve
Prince Harry was promoting his new memoir "Spare" which has already skyrocketed to the top of the charts.
A Wall Street analyst slashed his sales and earnings estimates for Apple stock as the consumer electronics maker faces weakening demand.
The presidents of Ukraine, Poland and Lithuania met in the western Ukrainian city of Lviv for a Lublin Triangle summit on Wednesday, January 11.In a joint statement, presidents Volodymyr Zelensky of Ukraine, Andrzej Duda of Poland and Gitanas Nauseda of Lithuania condemned Russia’s “full–scale military invasion of Ukraine” and described as “unprecedented” the assistance provided by Poland and Lithuania “from the very outset of the Russian aggression.”The presidents said they reaffirmed “centuries old strategic bonds between Lithuania, Poland and Ukraine, which used to form one state, a rampart against tyranny from the East.”The meeting came ahead of the 160th anniversary of the January Uprising, during which rebels in the Russian-annexed Kingdom of Poland fought to restore the Polish–Lithuanian Commonwealth. The Commonwealth included much of modern day western Ukraine, including Lviv.Footage released by the Polish President Andrzej Duda shows the Lublin Triangle leaders meeting in Lviv.Later, Duda and Zelensky can be seen visiting the Polish Orlat Cemetery in Lviv’s historic Lychakiv Cemetery. The site is a resting place for Poles killed in the Polish-Ukrainian War and Polish-Soviet War.The footage also includes a clip of Duda interacting with Ukrainians in Liviv, in what the president called a “spontaneous meeting”. According to data from Ukraine’s New Europe Center, Ukrainians trust Duda more than any other foreign leader. Credit: President Andrzej Duda via Storyful
JERUSALEM (Reuters) -A consortium led by India's Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), Israel's Finance Ministry said on Tuesday. The sale of one Israel's main seaports has taken five years and marks the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labour strikes. About 99% of all goods move in and out of Israel by sea and port upgrades are needed to maintain economic growth.
He still believes in the monarchy and didn't call his family racist – confused, much?
More than one in three (38%) of respondents to a recent Capital One survey say they didn’t know that federal interest rates had recently increased. “With interest rates rising, the most competitive savings accounts offer yields last seen in 2009 and they continue to climb,” says Greg McBride, chief financial analyst at Bankrate. All that said, the average savings account is still paying a lousy yield.
EV stocks have multiplied in Tesla’s wake and as electric cars look to go mainstream. Here are the top-rated electric-vehicle makers.
A reshuffle at LVMH appears to have tightened Bernard Arnault's family grip on the luxury powerhouse.
Glassdoor's annual list, which is based on employee reviews saw several large Silicon Valley companies drop in the rankings, while others climbed a few spots.
An intentionally defective grantor trust, or IDGT, is a way of shifting tax burdens for very wealthy households. With this structure, you can create a trust that leaves wealth to your heirs while minimizing gift, estate and income tax liability. … Continue reading → The post Intentionally Defective Grantor Trusts and Taxes appeared first on SmartAsset Blog.
World Wrestling Entertainment (WWE) stock fell on Wednesday after briefly spiking amid a report that Saudi Arabia’s Public Investment Fund (PIF) fund was buying the company.
(Bloomberg) — Wall Street traders betting that further inflation softening could bolster the case for a Federal Reserve downshift drove a rally in both stocks and bonds.Most Read from BloombergUS Safety Agency to Consider Ban on Gas Stoves Amid Health FearsUniversal Plans New Family Resort in Texas, Las Vegas Horror AttractionUS Flights Latest: Departures Resume After FAA Lifts Ground StopRental Housing Is Suddenly Headed Toward a Hard LandingMexican President’s 28-Minute Monologue Had Biden, T
What to know about the big changes Biden's proposed income-driven repayment plan.
This biotech superstar is in the spotlight as it nears a buy point amid continued stability and a growing dividend.