Jul 31, 2018

Pfizer CEO sees an end to drug price rebates

Pfizer CEO Ian Read. Photo: Mark Neuling/CNBC/NBCU Photo Bank via Getty Images

Pharmaceutical giant Pfizer posted a $3.9 billion profit in the second quarter, equating to a 29% profit margin. Notably, after being asked on a conference call about the Trump administration's plans to overhaul drug pricing, CEO Ian Read told investors: "I believe we are going to go to a marketplace where we don't have rebates."

The big picture: Read's comment comes a few weeks after he spoke with President Trump about deferring his company's drug price hikes. Pharma companies like Pfizer would relish any changes to the secretive drug rebate system because it would deflect attention away from their pricing practices, but analysts say any changes would not happen soon.

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Coronavirus updates: Market ends worst week since financial crisis

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The stock market ended its worst week since the financial crisis, prompting the Fed to release a statement. Meanwhile, the WHO warned that countries are losing their chance to contain the novel coronavirus and raised its global risk assessment to "very high" Friday.

The big picture: COVID-19 has killed more than 2,860 people and infected about 83,800 others in almost 60 countries and territories outside the epicenter in mainland China. The number of new cases reported outside China now exceed those inside the country.

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California coronavirus: Woman in new case did not recently travel overseas

Gov. Gavin Newsom. Photo: Kevork Djansezian/Getty Images

A new case of the novel coronavirus in California was announced on Friday after Gov. Gavin Newsom said Thursday that 33 people had tested positive for the virus, noting the risk to the public remains low.

What's new: An adult woman with chronic health conditions in Santa Clara County who "did not recently travel overseas" or come into contact with anyone known to be ill was confirmed to have contracted the coronavirus on Friday by CDC and California Department of Public Health officials.

Go deeperArrowUpdated 23 mins ago - Health

Big video game conference delayed amid coronavirus concerns

Photo: GDC

Next month's Game Developers Conference in San Francisco became the latest tech event to be cancelled or postponed amid growing concerns over the spread of the novel coronavirus.

The big picture: A growing number of events are being scrapped, including Mobile World Congress and Facebook's F8 developer conference. Some, like the giant SXSW event in Austin, insist they are moving forward.