U.S. President Donald Trump speaks at a press conference held in the Roosevelt Room in Washington, DC, USA on May 12, 2025.
Nathan Howard | Reuters
President Donald Trump will announce his Pfizer Voluntarily sells its drugs for less, as his administration pushes to link U.S. drug prices with cheaper drugs abroad.
A White House official told CNBC's Eamon Javers that Trump will announce a drug pricing agreement with Pfizer at 11 a.m. ET. Officials said Pfizer CEO Albert Bourla will be present.
A source told CNBC's Angelica Peebles that the agreement involves discounted Medicaid prices, which can place a three-year probation on the planned pharmaceutical tax rate as long as the company builds a manufacturing plant in the U.S.
Just as Pfizer and 16 other drugmakers faced a Trump deadline on Monday, the deal was reached, as outlined in a letter from the president to reduce the price of drugs.
Pfizer did not immediately respond to a request for comment. The Washington Post first reported the news on Tuesday.
After the report, Pfizer shares rose by more than 3%.
Trump signed an executive order in May to restore a controversial plan, the “most popular country” policy, aiming to cut drug costs by linking the prices of certain U.S. drugs to significantly lower drugs abroad.
The deal comes as drugmakers support Trump's planned tariffs on drugs imported into the country.
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