Pfizer's death drug


Those who have been reading my posts about Pfizer Inc. (NYSE:PFE) already know my doubts about Prizer's new blockbuster drugs. These are the drugs that should replace the ones going off patent and into the hands of the generics companies. As I have said about the most important drug, torcetrapib, which had a high blood pressure side effect, it fixes one thing and damages another.

Yesterday, Pfizer pulled the drug [subscription required] as too many people were dying in the clinical trials. In a test with 15,000 patients, 81 of those taking torcetrapib and Lipitor died while only 52 people taking Lipitor alone passed away. With Lipitor going off patent in 2010, the new drug was the company's big bet to replace the $12 billion a year in annual revenue.

Watch the stock drop off the edge of the earth on today and stay down for some time. It already fell nearly 15 % in pre-market trading.

By the way, why do companies always release bad news on weekends?

Douglas McIntyre is a partner at 24/7 Wall St.

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