Pfizer profits tumble on diabetes drug flop |
| Financial Times - Oct 18, 2007 |
Pfizer, the world’s largest drugmaker, said third quarter net income fell 77 per cent because of a $2.8bn charge from abandoning Exubera, its diabetes drug, and increased competition from generic medicines.
Net earnings were $761m, down from $3.36bn last year. Earnings per share fell to 11 cents from 46 cents. Excluding one-off items, earnings were 58 cents a share, beating analysts’ expectations of 52 cents. Revenues fell 2 per cent to $12b.
Exubera, the first inhaled diabetes treatment on the market, has disappointed Wall Street and Pfizer since it went on sale. Pfizer said it would help patients move to other treatments. Exubera only generated $4m in sales in the last quarter.
Read Full Article from Financial Times
- Posted: 2007-10-18 10:39:38
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