Pfizer CEO Kindler Quits After Stock Underperforms 97% of S&P |
| Bloomberg - Dec 6, 2010 |
Pfizer Inc.’s chief executive officer Jeffrey Kindler left the top post at the world’s biggest drugmaker yesterday after the company’s stock underperformed its rivals over the 4 1/2 years of his tenure.
Pfizer’s price-earnings ratio for the past year is lower than 91 percent of pharmaceutical industry peers and below 97 percent of companies in the Standard & Poor’s 500 index, according to data compiled by Bloomberg. Kindler, 55, finishes at a low point; Pfizer’s price-earnings ratio in 2010 is 7.3, lower than the annual average for each year he’s been in charge.
The stock has dropped 35 percent since Kindler was named CEO just prior to a 2006 announcement that Pfizer’s most promising compound, the torcetrapib cholesterol pill, failed to help patients in a study. The company had spent $1 billion to develop the drug. Pfizer bought Wyeth in 2009 for $68 billion to add products to overcome lost sales when the Lipitor cholesterol pill, with $11.4 billion in sales, faces generic competition.
Read Full Article from Bloomberg
- Posted: 2010-12-06 09:25:28
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