Pfizer, which is valued at $243 billion, makes about 2 per cent of its $52.5 billion worldwide revenue in the UK AlamyPfizer is to spend about $100 million on preventive Brexit measures such as transferring product testing and licences from the UK to other European countries. The American pharmaceuticals group said that it also would accumulate one-off costs from updating its clinical trial management procedures and making other “adaptations” to protect its business in Europe. Pfizer, which is valued at $243 billion, makes about 2 per cent of its $52.5 billion worldwide revenue in the UK. The company has long enjoyed a close relationship with Britain and discovered Viagra, the erectile dysfunction drug, at its research site in Sandwich, Kent. Multinational pharmaceuticals companies are bracing for a hard Brexit and have been warned by British authorities that this could cause shipments of medicines to be held…

Source: The Times September 04, 2018 23:00 UTC