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1. 1When patent protection or regulatory exclusivity ends, generic or biosimilar manufacturers can sell lower-priced alternatives. Pfizer says competition can quickly reduce sales of affected products.
2. 2Government price-setting, required rebates and insurer demands can lower the prices Pfizer receives or limit access to its medicines. The Medicare price-negotiation program now sets a price Pfizer must offer for Eliquis.
3. 3Drug development and regulatory approval can fail or change. Pfizer reported that a late-stage study of its investigational cancer medicine sigvotatug vedotin did not meet its main survival goal, and that it withdrew Oxbryta from the United States market after reviewing clinical and registry data.