Core Viewpoint - Pfizer has signed an agreement with the White House aimed at lowering prescription drug prices for Americans and enhancing U.S. leadership in biopharmaceutical innovation [1][2]. Positive Aspects for Pfizer Investors - The agreement provides certainty regarding tariffs and pricing, which have historically suppressed the industry's valuations [5]. - Pfizer will not face tariffs for three years if it invests in expanding U.S. manufacturing, committing to an additional $70 billion in the U.S. over the next few years [5]. - Pfizer's capital expenditures related to U.S. research and development from 2018 to 2024 are projected to exceed $83 billion, indicating a strong commitment to the U.S. market [5]. Negative Aspects for Pfizer Investors - Pfizer will need to significantly reduce prices on many of its products, with an average price cut of 50% for most primary care treatments and some specialty products, and up to 85% for certain products [6].