OVERVIEW: Company Summary ...
Pfizer expects an estimated $1 billion unfavorable overall net impact on Medicare US sales in 2025, combining the rebating headwind and volume tailwind from the out-of-pocket cap. We expect a higher gross-to-net impact in the beginning of 2025, expected to moderate through the remainder of the year when compared to 2024. And again, the year-over-year impact on each product will depend on a number of variables such as price, exposure to Medicare Part D, and the portion of LIS patients within a drug's Part D script exposure. Further, the IRA Part D redesign impact is measured on a per-patient basis based on the patient's individual medication regimen, which introduces additional uncertainties. The estimates for the headwinds and partially offsetting tailwinds that we provided are based on assumptions built on third-party actuarial modeling, which leverages data from millions of Medicare Part D patients. We will continue to monitor and refine our estimates of the impact on our financials as the year progresses. And lastly, the IRA Part D redesign impact is only one component of our gross-to-net revenue calculation.
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https://s28.q4cdn.com/781576035/files/doc_events/2025/Mar/28/PFE-USQ_Transcript_2025-03-28-1.pdf
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