Pfizer shares plunge after cholesterol drug fails
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NEW YORK/LONDON  - Shares of Pfizer Inc.  fell 15.6 percent in opening trade on Monday, wiping out nearly $30 billion of market value, after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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Pfizer Inc.  on Wednesday reported lower-than-expected quarterly earnings on competition with generics and a surprisingly big 13 percent decline in sales of its best-selling Lipitor cholesterol fighter.
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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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In an announcement that took doctors, patients and stock analysts by complete surprise, lung cancer drug Iressa failed to help patients live longer in a significant clinical trial.
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NEW YORK, Dec. 2 -- Pfizer Inc. announced Saturday that it has cut off all clinical trials and development work for a cholesterol drug that was supposed to be a star product because of an unexpected number of deaths and cardiovascular problems among patients who used it.
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Judge is expected to decline motion to block a generic version of Pfizer&#39;s $3B epilepsy drug. CHICAGO  - Pfizer Inc. shares tumbled Thursday as investors worried a federal judge will refuse the company&#39;s
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U.S. stocks fell on Friday dragged  down by a string of negative reports from drug makers, with  Pfizer Inc. PFE.N, AstraZeneca Plc. AZN.L and Eli Lilly and  Co. LLY.N delivering bad news about key products.
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Pfizer loses a patent case over its top compound.
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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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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.
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Stocks looked set to open little changed on Monday, with Pfizer Inc.  shares tumbling after news that it had halted development of one of its key experimental drugs, while merger deals lifted views on the economy's health.
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The disappointing resuslts sent shares down more than 10 percent amid concerns about its flagship cholesterol drugs.
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US stocks fell as setbacks for drugmakers, including a study showing Pfizer Inc.&#39;s Celebrex painkiller increased the risk of heart attacks, sent health-care shares tumbling.
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Many patients on the cholesterol drug are switching to a cheaper alternative, but Pfizer is not letting its flagship product go down without a fight.
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Shares of Wyeth WYE.N and Pfizer  Inc. PFE.N fell on Monday after Merrill Lynch downgraded the  drugmakers and U.K. regulators issued tougher warnings on the  type of popular depression drugs sold by the companies.
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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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More than $31bn (Â£16bn) was yesterday knocked off the value of Pfizer, the world&#39;s largest pharmaceutical company and maker of Viagra, after doubts surfaced over the safety of one of its key drugs.