On 10 March 2020, the Court of Appeal handed down its judgment in an appeal brought by the CMA against a judgment of the CAT to dismiss a decision that would have imposed a total fine of £90 million on Pfizer and Flynn Pharma. The appeal concerned a CMA decision of 7 December 2016, relating to the pricing of particular pharmaceutical products. The CMA found that arrangements between Pfizer and Flynn Pharma amounted to excessive and unfair pricing and constituted an abuse of a dominant position. The Court allowed the appeal in part and remitted the case back to the CMA. The Court disagreed with the CAT’s finding that the CMA had to establish a benchmark price or range of prices beyond a cost plus calculation, holding that the CMA was free to use any appropriate benchmark. The Court upheld the CAT’s conclusion that the CMA had failed to give sufficient weight to the economic value of the products in its analysis.