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Pfizer expects drug pricing will be "business as normal" in 2019. Photo: Spencer Platt/Getty Images

Pfizer CEO Ian Read told Wall Street today the company's drug pricing strategy will be "business as normal" next year, just months after Read spoke with President Trump and agreed to temporary delays of recent drug price hikes. Pfizer reported a $4.1 billion profit in the third quarter, a 45% increase from the same time last year.

Reality check: The Trump administration hailed Pfizer's move this summer as a "major win for American patients." But the company's decision to return to the status quo shows both sides were looking to score political points, and patients won't see meaningful changes to their drug prices in the near term.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
31 mins ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.