Pfizer Settles Medicaid Overcharging Suit
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Pfizer Inc. agreed to pay $49 million to settle a suit alleging that a company it acquired two years ago overcharged the federal and state governments for Lipitor, a cholesterol-lowering drug.
The settlement was more than double the $21 million the Medicaid program overpaid for the drug in 1999.
Pfizer said the Lipitor suit was a “legacy” from its acquisition of Warner-Lambert Co., Parke-Davis’ parent, in 2000. Pfizer said it would work with the Department of Health and Human Services to ensure future compliance.
Shares of New York-based Pfizer fell 34 cents to $31.56 on the NYSE.
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