Drug giant Pfizer to reorganize into three businesses

U.S. drugmaker Pfizer said on Wednesday it would reorganize its business into three units and one of them would include a new hospital business segment.

The three units are biosimilars and hospital business, branded and generic medicines and consumer health care, the company said.

The changes would be effective beginning fiscal 2019.

A day earlier, Pfizer announced it would postpone drug price hikes after an “extensive” conversation between the company’s CEO and President Donald Trump.

“Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” Pfizer CEO Ian Read said in a statement.

CNBC contributed to this report.

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