Pfizer boosts dividend in wake of drug failure
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Pfizer Inc.  on Monday boosted its quarterly dividend 21 percent after the surprise failure of its most important experimental drug that caused a sell-off in its shares, and gave its chief executive additional duties as chairman.
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NEW YORK/LONDON  - Pfizer Inc.  shares tumbled as much as 15.6 percent on Monday, wiping out nearly $30 billion of market value, after the world's biggest drug maker unexpectedly ended development of its most important experimental medicine.
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Pfizer Inc.   raised its 2006 profit forecast on Thursday and said  its roster of experimental drugs in late-stage testing could  triple by 2009, sending its shares higher.
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By Alejandro Bodipo-Memba, Detroit Free Press  Sep. 7--Pfizer Inc. will donate lab equipment valued at more than $1 million to Michigan-based start-up companies focused on life-science research.
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U.S. stocks gained strength on  Tuesday, getting a boost from Pfizer Inc. PFE.N, after  investor fears of the withdrawal of its arthritis drug Celebrex  were calmed, while IAC/InterActive Corp.'s IACI.O helped fuel  the tech-heavy Nasdaq.
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Shares in Pfizer Inc, the world's biggest drugmaker, fell more than 10 percent in early trade in Europe on Monday, after news it had scrapped its most important experimental drug.
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Pfizer Inc.&#39;s shares continued to rebound Wednesday, gaining 4 percent during the day&#39;s trading, as industry analysts continued to sort out the most recent studies involving its Celebrex drug.
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The discontinuation of Exubera, an inhaled insulin, is another black eye for Pfizer, the worldâs biggest drug company, which has recently sustained a series of reversals.
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U.S. stocks looked set to open slightly higher on Monday as a spate of acquisition deals suggested optimism about the economy, but Pfizer Inc.'s  decision to abandon a key experimental drug hammered its shares.
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It makes sense for the drugmaker to sell millions more shares right now.
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With the sudden failure of torcetrapib, Pfizer Inc.'s most important experimental product, financial analysts predict shares of the world's largest drugmaker could fall from 5 to 25 percent on Monday and that Pfizer will need to buy other products to fill the void.
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Stocks were little changed on Friday,  recovering after a sharp early drop on news from Pfizer Inc.  PFE.N that patients in a study showed an increased risk of  heart attacks after taking its popular Celebrex drug.
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Pfizer Inc , the world's biggest drugmaker, on Wednesday reported fourth-quarter results that beat expectations.
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The pharma raises cash ahead of an FDA hearing.
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Pfizer Inc, Novartis AG and Wyeth all  saw quarterly earnings hit by charges on Thursday, while Eli  Lilly and Co exceeded Wall Street expectations as third-quarter  sales of several of its drugs outpaced analysts' estimates.
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Stocks rose on Monday, sending the Nasdaq up more than 1 percent, as corporate takeovers and lower crude oil prices boosted investor optimism, overshadowing a sell-off in Pfizer Inc.
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In the cold, calculating world of Wall Street, that&#39;s how the unfolding drama of new test results on old drugs is playing out, as analysts see bright spots for Pfizer (PFE:NYSE - news - research) amid other drugs&#39; woes.