Weak Sales Prompt Pfizer to Cancel Diabetes 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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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 (PFE:NYSE - news - research) was treading water Monday morning, hovering around its 52-week low amid reports that it plans to halt advertising of its embattled painkiller Celebrex.
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Stocks of branded and generic drug makers closed down a bit Tuesday as clinical study results mixed with merger updates. One of the big winners on the day was Nektar Therapeutics, on news that Exubera, the
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Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, will help cause a drop of about 5 percent in earnings a share in 2008.
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Some analysts are betting Pfizer Inc.  PFE.N won't have to withdraw its arthritis drug Celebrex but  they do expect sales to fall after a study of the drug in  cancer patients showed it increased the risk of heart attacks.
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The president of U.S. pharmaceuticals at GlaxoSmithKline Plc , Chris Viehbacher, said on Wednesday it was too early to write off the diabetes drug Avandia, which he said could once again return to annual sales of more than $3 billion.
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Merck &amp; Co. withdrew its Vioxx painkiller, which generated $2.5 billion in sales last year, because of a link to heart attacks and strokes.
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Pfizer Inc.  said on Tuesday it would cut its U.S. sales force by about 20 percent, or some 2,200 jobs, as part of a comprehensive cost-cutting program.
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Pfizer Inc.'s decision to scrap development of a crucial medicine sent its shares plummeting yesterday as analysts fretted about its future and speculated about which companies it might purchase to shore up its pipeline.
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Doctors in the United States have shunned GlaxoSmithKline Plc's diabetes drug Avandia since a study was published last week linking the drug to heart-attack risk, according to daily prescription data.
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Shares in US drugmaker Pfizer plunge after it halts development of its most important experimental drug.
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NEW YORK - Pfizer Inc  said on Thursday third-quarter earnings fell sharply due to a $2.8 billion charge to end its involvement with the poorly selling inhaled insulin drug Exubera.
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Because of PfizerÂs failed trial, drugs similar to torcetrapib from other companies could face greater scrutiny Â and delays Â in getting to market.
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NEW YORK -- Pfizer Inc. said yesterday it has halted all clinical trials and development for a cholesterol drug because of an unexpected number of deaths and cardiovascular problems in patients who used it.
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GlaxoSmithKline said it would cut jobs as part of a cost-savings plan after a sharp drop in sales of its diabetes drug and generic competition led to a 5.8 percent drop in profits.
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In a surprising setback for the  world's largest drugmaker, Pfizer Inc.  halted  development on Saturday of its top experimental medicine, the  cholesterol drug torcetrapib, due to safety concerns.