Pfizer shares plunge after cholesterol drug fails
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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.  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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Shionogi Co. shares fell as much as 14.4 percent in Tokyo on concerns in the European Union and US about the safety of Crestor, a cholesterol-reducing drug developed by the Japanese company and sold by AstraZeneca Plc.
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Pfizer Inc.  on Monday boosted  its quarterly dividend 21 percent after the surprise failure  early this month of its most important experimental drug and  resulting sell-off in company shares, and named Chief Executive  Jeffrey Kindler chairman of its board.
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Shares in Pfizer Inc fell 12 percent in  Europe on Monday after the world's biggest drugmaker scrapped  development of its most important experimental medicine.
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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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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.
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NEW YORK - Pfizer Inc.  said on Thursday  third-quarter earnings fell sharply, hurt by a $2.8 billion  charge to end its involvement with its poorly-selling Exubera  inhaled insulin drug.
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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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Investors in pharmaceuticals were dealt a triple whammy on Friday as Pfizer Inc, AstraZeneca Plc and Eli Lilly and Co all shocked the market with bad news about key products.
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Shares in Anglo-Swedish drug giant AstraZeneca drop more than 8% in value after the failure of its Iressa drug in a major clinical trial.
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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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Shares of Pfizer Inc. PFE.N closed  down more than 2 percent on Monday after an analyst lowered her  investment rating on the world's largest pharmaceutical  company's stock.
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Shares of Pfizer Inc. dropped 11% to $25.80 on Friday, after the company said a long-term study revealed that its Celebrex painkiller drug increased the risk of heart problems.
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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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AstraZeneca Plc suffered its third  setback in two months on Friday as lung cancer drug Iressa  failed to help patients live longer in a major clinical trial,  sending its shares down as much as 9.2 percent.
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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.