This photo taken on October 7, 2022 shows Paxlobid, Pfizer’s antiviral drug to treat coronavirus infections.
Wolfgang Rattai | Reuters
Pfizer plans to price a five-day course of its coronavirus antiviral drug paxlobid at $1,390 as the company begins its transition to coronavirus treatments. commercial market later this year.
A company spokesperson first confirmed the pricing on Wednesday. report According to the Wall Street Journal. That list price, before rebates and other discounts to insurance companies and pharmacy benefit managers, is more than double the $529 the federal government paid for Paxrobid.
Since December 2021, when the FDA first approved the treatment, the government has been purchasing Paxlobid and distributing it free to the public. However, Pfizer plans to sell Paxlovid directly to health insurance companies starting in 2024, in response to sluggish demand for coronavirus vaccines and treatments nationwide.
Physicians, medical professionals and patient advocates say access to life-saving treatments shown to reduce the risk of severe illness and death from COVID-19 for vulnerable patients, such as those with diabetes and heart disease, is becoming more affordable. They have expressed concern that this may be restricted due to the soaring price of condition or decreased immunity.
However, health insurance plans will likely pay much less than Paxlovid’s list price of nearly $1,400, meaning patients will likely have to pay little or no out-of-pocket costs. Pfizer also said it is working with payers to lower out-of-pocket costs for patients.
Pfizer plans to subsidize out-of-pocket costs for people with commercial insurance until at least 2028.
“As always, Pfizer’s goal is to ensure broad and equitable access to our medicines. We are working diligently with payers to ensure the best possible formulation placement for paxlobid. “The result is lower OOP costs for patients,” a company spokesperson said. Statement to CNBC.
On Friday, the company also said it expected revenue from Paxlovid to be $7 billion lower than previously expected, due in part to the return of doses labeled as emergency use by the federal government.
Overall, Pfizer now expects 2023 sales of $58 billion to $61 billion, a downward revision from its previous guidance of $67 billion to $70 billion. Pfizer said it lowered its earnings outlook “solely due to COVID-19 products.”
