Pfizer sees no impact as result of fine

19 July 1999 22:36  [Source: ICIS news]

HOUSTON (CNI)--Pfizer said Monday it does not expect its agreement to pay the US Department of Justice (DOJ) $20m (Euro19.4m) for price fixing will result in a material effect on its business or results of operations.

In a written statement, the New York City company said it "deeply regrets" its actions, which it described as "contrary to the company's clear, long-standing values, policies and practices."

Earlier Monday, CNI reported that Pfizer has entered into a voluntary agreement to plead guilty and pay criminal fines totalling $20m for participating in two international price-fixing conspiracies

Pfizer contends it was not aware of any investigation of its former food sciences group until the DOJ brought the matter to the company's attention in early 1998. The company said it co-operated fully with the DOJ once it became aware of the situation.

The two food products that are the subject of the plea agreement involve a small component of Pfizer's business unrelated to its core research-based pharmaceutical business, the company said. The combined annual sales of the two products accounted for less than 1% of annual Pfizer sales and the company noted it has not been involved in the marketing or sale of food additives for almost four years.

By: Mary Ann Tawasha
+1 713 525 2653

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