*AbbVie, InterMune say they defending business secrets. The decision leaves in limbo a high-profile fight that has pitched the European Medicines Agency, Europe's equivalent of the U.S. Food and Drug Administration, against AbbVie and InterMune.» Read More
Pfizer CEO Jeffrey Kindler expressed disappointment about the failure of the company's new cholesterol drug but said Pfizer plans to continue growing through strategic acquisitions.
The world's biggest drug company is seeing its market value get much smaller this morning. Shares of Pfizer are getting hammered after the company dropped a bombshell over the weekend about clinical trials of torceptrapib/atorvastatin (T/A), a drug thought to be a promising new way to lower cholesterol. CNBC’s Mike Huckman sorted out all the details on this morning’s “Squawk Box.”
At 12 p.m. ET, shares of Pfizer were trading about 13% lower - largely because the company halted development of torcetrapib--a new cholesterol treatment. The drug was supposed to fill the void when Lipitor--its best-selling drug--loses patent protection in 2010. (Lipitor sales totaled $12.2 B last year.)
Shares of Onyx Pharmaceuticals fell nearly 30% on Monday after data showed that its kidney cancer drug Nexavar did not work in patients with advanced skin cancer.
A record number of U.S. corporate bosses have left their jobs this year, in part reflecting the widening stock options backdating scandal, according to data released today.
Today is World AIDS Day--and it comes at a time when health experts are considering new strategies in an attempt to change the environment of AIDS transmission. The rate of H-I-V infection is growing, with more than four million new cases each year. One biopharmaceutical company whose portfolio includes several HIV treatments--is Gilead Sciences.
Pfizer, the world's largest drugmaker, raised its earnings guidance for the year and promised a number of late stage products out of its pipeline in the coming years.
Pfizer said Tuesday it will trim its U.S. sales force by 20% as part of an ongoing review process announced in October.