Pfizer
Profile
Pfizer, the largest pharmaceutical company in the world, was founded in 1849. It has been prosecuted for illegal marketing and misleading advertising for a number of drugs like arthritis drug Bextra (valdecoxib), Centrum multivitamins, bladder drug Detrol (tolterodine), anti-epilepsy drug Neurotonin (gabapentin), statin medication Lipitor (atorvastatin) and kidney transplant drug Rapamune (sirolimus). It paid the U.S. government $2.3 billion in 2009 after pleading guilty to the illegal marketing of Bextra. The company was also sued in Nigeria for conducting drug trials with trovafloxacin, an experimental antibiotic, during a meningitis epidemic in Nigeria in 1996 without getting permission from their parents, dozens of whom died subsequently.
Branded pharmaceuticals, Generic pharmaceuticals, Vaccines
Violations
| Top 5 Offense Groups (Groups Defined) | Penalty Total | Number of Records |
|---|---|---|
| healthcare-related offenses | $3,373,675,000 | 10 |
| government-contracting-related offenses | $1,109,688,435 | 19 |
| safety-related offenses | $104,014,255 | 11 |
| competition-related offenses | $63,466,568 | 6 |
| environment-related offenses | $4,571,885 | 19 |
(April 14, 2021)
Stories
- Benchmarking AIDS: Evaluating Pharmaceutical Company Responses to the Public Health Crisis in Emerging Markets (Interfaith Center on Corporate Responsibility, 2006).
- Branding the Cure: A Consumer Perspective on Corporate Social Responsibility, Drug Promotion and the Pharmaceutical Industry in Europe (Consumers International, 2006).
- Corporate Crime in the Pharmaceutical Industry (1984; revised edition 2014).
- Formula for Fairness: Patient Rights Before Patent Rights (Oxfam International, 2001).
- Investing for Life: Meeting Poor People’s Needs for Access to Medicines through Responsible Business Practices (Oxfam International, 2007).
- The Legend of Pfizer by Jeffrey Rodengen (1999).
Activism
Pfizer gives up forced swim tests on animals after PETA campaign.
European Pharmaceutical Manufacturer | November 1, 2019
Pharma giant Pfizer has announced it will stop the practice of forced swim tests, following a year-long campaign by PETA.
NYC: Advocates to Protest Pfizer over Third Shortage of Key Syphilis Medication in a year.
Business Wire | May 18, 2017
This is the drug giant’s third shortage or stock out in less than one year of Bicillin L-A, Pfizer’s key syphilis drug; pregnant women with syphilis remain at particular risk of passing infection on to their newborns unless Bicillin L-A is available for treatment
& Lawsuits
FDA investigating five allergic reactions after taking Pfizer Covid vaccine.
Michael Erman | Reuters | December 18, 2020
The U.S. Food and Drug Administration is investigating around five allergic reactions that happened after people were administered Pfizer Inc and BioNTech SE’s COVID-19 vaccine in the United States this week, a top FDA official said late on Friday.
Pfizer faces DOJ, SEC foreign bribery probes for China, Russia operations.
Angus Liu | Fierce Pharma | November 9, 2020
Big Pharma's operations abroad are a common punching bag for U.S. anti-corruption watchdogs, which have snared a series of high-profile settlements in recent years. Now, Pfizer will take its turn under those watchdogs' withering eyes for its business in Russia and China.
Pfizer fined for oversized price hike.
Kevin McCoy | USA Today | December 8, 2016
A British regulator on Wednesday hit U.S. pharmaceutical giant Pfizer with a record $106 million fine for imposing a 2600% price hike on an anti-epilepsy medication, the latest episode in widening public controversy over prescription drug prices.
A.G. Schneiderman Announces Settlement With Pfizer To End Deceptive Advertising Practices And Off-label Promotion Of Immunosuppressive Drug Rapamune
New York State Office of the Attorney General | August 6, 2014
Attorney General Eric T. Schneiderman today announced that he, along with 40 other state Attorneys General and the District of Columbia, reached a $35 million settlement with Pfizer arising from alleged improper marketing and promotion of the immunosuppressive drug Rapamune.
Pfizer to pay $325 million in Neurontin settlement
Jonathan Stempel | Reuters | June 2, 2014
Pfizer Inc has agreed to pay $325 million to resolve claims it defrauded insurers and other healthcare benefit providers by marketing Neurontin for unapproved uses, its second settlement over the epilepsy drug in six weeks.
Pfizer to Pay $14.5 Million for Illegal Marketing of Drug Detrol
U.S. Department of Justice | October 21, 2011
American pharmaceutical company Pfizer Inc. has agreed to pay $14.5 million to resolve False Claims Act allegations related to its marketing of the drug Detrol, the Justice Department announced today.
Judge okays up to $215-million settlement in heart valve lawsuit
Tampa Bay Times | Oct. 11, 2005
A federal judge has approved the settlement of a class-action lawsuit in which the makers of an allegedly defective artificial heart valve agreed to pay up to $215-million in damages.
Pfizer braces for work stoppage after announcing it will switch the pensions of Irish holdouts
Eric Palmer | Fierce Pharma | February 7, 2019
After five years of negotiations, Pfizer has decided it’s time to move employees at plants in Ireland to the same pension plans that the rest of the company’s employees have. That decision comes despite the threat of a work stoppage.
Pfizer workers protest against unfair labour practice
Herald, Voice of Goa | July 16, 2015
Workers of Pfizer Pharmaceutical situated at Verna Industrial Estate held a demonstration on Wednesday morning in front of the Labour Commissioner’s office in Panjim to protest unfair labour practices followed by the company. They requested the Labour Commissioner to resolve the dispute immediately.
Financials
Note: Most recent list is not always the most complete list.
Croctail Subsidiary Tool using the CorpWatch API - This API uses automated parsers to extract the subsidiary relationship information from Exhibit 21 of companies' 10-K filings with the SEC.
Click here for the latest list.
Political Influence
OpenSecrets.org Profile of Pfizer
& Evasion
Pfizer uses Netherlands to shield billions in profits from tax
Samantha Dixon | Dutch Review | May 12, 2021
Pfizer has become a household name in the past year and is generating a nice chunk of money as a result — even more, considering the company is avoiding paying millions in tax.
Pfizer makes billions during the pandemic while paying low taxes – leading macroeconomic influencers
Pharmaceutical Technology | February 4, 2021
Economists believe that the global pandemic has proven that investments in public services pay off. Therefore, it is time to introduce excess profits taxes, increase taxes on profitable corporations such as Pfizer Canada, close tax loopholes, and increase the affordability of medicines for people.
Pfizer: Price Gouger, Tax Dodger
William Rice | Americans for Tax Fairness | February 2016
Pfizer, one of the world’s largest pharmaceutical companies and more profitable companies, is attempting to permanently dodge tens of billions of dollars of U.S. taxes it currently owes through a merger with fellow drug firm Allergan, based in the tax haven of Ireland.
Pfizer dodging $35B in taxes
Kevin McCoy | USA Today | February 25, 2016
U.S. pharmaceutical giant Pfizer (PFE) is trying to dodge an estimated $35 billion in taxes by merging with Ireland-based rival Allergan and shifting its headquarters overseas, a coalition of labor and consumer groups charged Thursday.
Procurement
Pfizer contracts with the U.S. Federal Government (via USA SPENDING).