Pfizer's Stock Gets A Not So Happy Birthday From Viagra
I don't know how I missed this one, but the Wall Street Journal's Health Blog didn't forget that this week that Pfizer and, perhaps, some men and women are celebrating the tenth birthday of Viagra. So, happy birthday little blue pill.
But I don't think the folks at Pfizer are popping the champagne corks. Today our stock whiz, Robert Hum, informs me that PFE closed at its lowest level since before the Food and Drug Administration approved Viagra.
The previous nearest closing low occured on October 1st, 1997. Since the world's biggest drug company held its analyst meeting earlier this month, the shares have fallen from $22-and-change to $20-and-change. As Jim Cramerpointed out this morning, though, the high dividend yield might make the stock attractive at this level.
Part of the problem is Pfizer's drug development pipeline. For example, it will not be a headliner at the American College of Cardiology meeting where I'm off to tomorrow. And this year's ACC is not all about Merck and Schering-Plough's Vytorin.
Tomorrow Lilly releases data on whether its bloodthinner, which is on a fast track for possible FDA approval, did a better job than Plavix (Bristol-Myers Squibb and Sanofi-Aventis) at preventing blood clots from forming in stent patients. And then on Monday morning, look for results coming out Monday morning on a weightloss and cholesterol drug from Merck.
See you bright and early on "Squawk Box" at 6 a.m. ET live from McCormick Place.
Questions? Comments? Pharma@cnbc.com