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PFIZER: CHART IN NEW YORK TIMES OVERSTATES PRICE INCREASE FOR PFIZER'S PROCARDIA XL

 NEW YORK, March 16 /PRNewswire/ -- Pfizer Inc. (NYSE: PFE) today issued the following:
 A chart appearing in today's New York Times with an article about pharmaceutical prices erroneously reported that Pfizer had increased the price of Procardia XL, its leading cardiovascular product, by 18.8 percent since 1988. The company's actual weighted price increase for the product since it was introduced in 1989 is less than 1.5 percent a year. Procardia XL is available in three dosage strengths--30 mg, 60 mg and 90 mg. In March 1992, the price of the 30 mg Procardia XL was increased 4 percent. On Feb. 1, 1993, the prices on all three strengths were increased by 4.5 percent, which is consistent with a recent company announcement.
 On Jan. 25, 1993, Pfizer stated: "There will be no price increases on many of the company's major products and on no individual product will the price increase exceed 4.5 percent." The current estimated effect of this policy is that the U.S. sales-weighted price increase across our pharmaceutical product line for 1993 will be less than 3 percent. As with 1992, this weighted average takes into account Medicaid rebates plus the Veteran's Administration discounts required under legislation enacted at the end of 1992. January's projected Consumer Price Increase (CPI) for 1993 is 3.1 percent.
 We believe The New York Times error was the result of a misinterpretation involving the company's actual retail prices and a set of prices set by an outside independent company to indicate the markup charged by wholesalers.
 -0- 3/16/93
 /CONTACT: A. A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE)


CO: Pfizer Inc ST: New York IN: MTC SU:

WB -- NY080 -- 6771 03/16/93 17:17 EST
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Publication:PR Newswire
Date:Mar 16, 1993
Words:293
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