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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Thu Dec 07, 2006 5:35 am Post subject: Pfizer shares plunge after new heart drug Torcetrapib fails |
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Pfizer shares fell by nearly 12 per cent after the worlds largest drug manufacturer, announced it was halting trails of its heart medicine Torcetrapib , after it revealed deaths and cardiovascular problems among people taking the drug during the clinical trials. The stock was also downgraded by several market analysts on concern that Pfizer's revenue growth will now weaken.
Pfizer had planned Torcetrapib to replace its existing cholesterol drug Lipitor, which accounts for a quarter of its $51 billion of annual revenue and almost half of Pfizers net income, for when the drugs patent expires in some four years. Lipitor is the world's biggest selling drug and it and another 5 drugs also to have their patents expire in the coming years, account for half of the company's revenues.
The trials resulted in 82 patients died in an trial of 15,000, which was 60% higher than those taking Lipitor. Drugs such as Lipitor, called statins, lower the bad cholesterol (LDL) and cut risks of heart related deaths by about one third. Scientists had hoped that new medicines that raise the good cholesterol (HDL) levels, such as Torcetrapib, would result in lower risks.
Full article http://www.marketoracle.co.uk/Article150.html |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Wed Dec 13, 2006 4:33 am Post subject: |
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Astrazenica's not doing so well either,
In a note to clients, Sanford Bernstein repeated its 'underperform' rating and 2,650p target, arguing it now sees the group as a potential acquirer rather than target, with an acquisition by GlaxoSmithKline seen as unlikely.
'Our merger screens suggest to us that GSK is less likely than at other times in the last few years to buy AZN', it cautioned. |
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