On Tuesday, Pfizer Inc. (NYSE:PFE) announced a historic agreement with the Trump Administration to ensure U.S. patients pay lower prices for their prescription medicines.

President Donald J. Trump announced the first agreement with a major pharmaceutical company, Pfizer, to bring American drug prices in line with the lowest paid by other developed nations (known as the most-favored-nation, or MFN, price), the White House said in a statement.

The White House stated that more than 100 million patients affected by diseases treated with Pfizer medicines are expected to benefit from President Trump's successful negotiation of lower prices.

Also Read: Pfizer Faces Court Over Depo-Provera Brain Tumor Claims

Eucrisa, a topical ointment for atopic dermatitis, will be available at an 80% discount for patients purchasing directly. Xeljanz, used for rheumatoid arthritis, psoriatic arthritis, and ulcerative colitis, will be ...