The search for a pill that boosts sexual desire in women has hit another roadblock, raising questions about future of female libido drugs.» Read More
Stocks look set to open lower after a sell off in energy and tech took the wind out of the year end rally yesterday, despite nearly $90 billion in deal announcements. Investors will be closely watching the ripple effect in emerging markets from Thailand's clampdown overnight on speculation in the baht....
Jeffrey B. Kindler becomes the company's new chairman and the quarterly dividend is increased 21%.
Minutes after I wrote the last blog entry came the news that Pfizer is indeed raising its dividend -- 21% or a nickel in the first quarter of next year. The news is not a huge surprise -- the move had been widely speculated upon after Pfizer shares plunged on the loss of torcetrapib a couple of weeks ago.
I jinxed myself. That closing statement in my last posting about things quieting down on the beat: fuggedaboutit. Yesterday and today, "The New York Times" ran above-the-fold, front-page stories on Lilly's marketing of Zyprexa. It's the company's top-selling drug and its biggest profit-maker -- analysts estimate the schizophrenia/bipolar disorder drug is responsible for one-third to as much as one-half of the company's bottom line.
The revised price of $34 a share follows objections from HealthCor, a big Icos shareholder, to the earlier $32-a-share offer. HealthCor argued that Icos was worth more than $40 a share.
I Don’t Know, But I Know People Who Do: How does the breaking news desk know which news merits special coverage and which does not? A) I’m a genius. B) I rely on many very smart co-workers. The answer is: not A). All of which leads me to pay tribute to the many specialty producers who work here at CNBC.
At the Merck annual analyst day here in company headquarters in central New Jersey, the company revealed for the first time what many on the Street had suspected: it has a so-called CETP inhibitor in the drug development pipeline. That's the same type of drug that Pfizer pulled the plug on last week because of an increased risk of death.
Merck said it plans to seek U.S. approvals next year for drugs to treat HIV, cholesterol and insomnia, and aims to have another four products in late-stage trials by mid-2007.
Merck is holding its annual analyst meeting today. On this morning’s "Squawk Box", CNBC'S pharmaceuticals reporter Mike Huckman explained why investors are so eager to learn about this company's R & D developments. Huckman says the major issue is whether Pfizer’s loss of torcetrapib, a cholesterol treatment, could be Merck’s gain...
China has more than 1.3 billion people and has become the 9th largest drug market in the world--with $9.5 billion in annual sales. So--it should come as no surprise that Big Pharma is furiously trying to grab a piece of that market--which by some estimates could be wroth $25 billion in the next three years.
From the Pfizer shocker about Torcetrapib, to new guidance from Merck and Lilly, to the FDA Advisory Committee meeting on the safety of drug-coated stents -- it was an incredibly busy week. Some final thoughts on the stent meeting...
Here's our last look at the markets today--U.S. stocks rallied modestly after a better-than-expected U.S. jobs report sparked the first weekly gain in equities in the last month. Also--market moving comments heard on CNBC today from Treasury Secretary Hank Paulson sent the U.S. dollar higher. Mary Thompson has all the winners and loser - she's CNBC's "Eye On The Floor."
While I'm in the car--not driving--on my way to the airport to go to the FDA Advisory Committee meeting on drug-coated stents I wanted to pass along some news from the Eli Lilly analyst meeting this morning in New York that I just left.
In a "First on CNBC-TV" Eli Lilly CEO and Chairman Sidney Taurel sat down with Mike Huckman on "Squawk Box" to talk about the company--as it meets with analysts today and issued new guidance. The pharmaceutical company says sales growth for 2007 will be in the low end of the 7-9% range--versus 6% for 2006.
The once "invincible" Pharmaceuticals sector is showing new signs of weakness. Today Merck announced that it expects slightly higher profits in 2007. Yet in spite of that--Merck shares fell 1.5 percent in heavy early trading. And just days ago, Pfizer hit a roadblock and stopped development of what was thought to be its most promising drug.
So, it took the torpedoeing of torcetrapib to get new Pfizer CEO Jeff Kindler to finally talk to us. He came on "Power Lunch" today for his first TV interview since taking the helm more than four months ago. A former litigator, he is media savvy, telegenic and a smooth-talker. I don't know why he didn't come on before he was put in the position of serious crisis management with a major hole to fill in the company's drug pipeline and about a ten percent decline in the stock price.
Investors in the pharmaceuticals industry have now turned their attention to possible acquisitions by Pfizer after the drug-maker halted trials of a new cholesterol drug.
U.S. stocks staged a powerful rally as another string of deals boosted momentum and sent a number of indexes to new highs. Mary Thompson is CNBC’s Eye on the Floor at the NYSE and had all the final details with a look at the markets on "Closing Bell." Today’s flurry of mergers and acquisitions exceeded $20 billion dollars.
We've been telling you about Pfizer's troubles today--that it stopped development of what was supposed to be its blockbuster drug--torcetrapib. Unfortunate deaths during clinical testing forced Pfizer to cancel the drug. It was supposed to be the successor to Lipitor. And as a result of the failure--a question is being raised--will the failed tests change the way pharmaceutical drugs are approved?
Stocks closed sharply higher on a big day for corporate mergers, but investors may turn their attention back to the economy on Tuesday.