The Big Pharma earnings season is in full swing with Pfizer (PFE), Eli Lilly (LLY) and Wyeth (WYE) out Thursday and Merck (MRK) and Schering-Plough (SGP) reporting Monday. What’s the trade as the drug companies deal with their ailing pipelines?
CNBC’s Mike Huckman said Pfizer’s “bombshell” announcement that it will cease selling its once-promising inhalable insulin product Exubera took down a number of stocks in the diabetes care industry, including Lilly, Alkermes (ALKS), MannKind (MNKD) and Nektar (NKTR). The latter – Pfizer’s partner in Exubera – plunged 17% on the news, Huckman reported.