Pfizer Answers Critics with New Rx
During a meeting with industry analysts, Pfizer said it intends to expand in emerging markets. It also said that it will establish a new business unit focusing on cancer drugs, and that it aims to significantly boost the number of drugs in late-stage trials by late next year. The company said it plans to seek 15–20 regulatory approvals between 2010 and 2012. Reuters (3/5)
Can Pfizer Deliver a New Prescription?
Though Jeffrey Kindler took over Pfizer’s reins less than 2 years ago, investors are becoming restless. Despite high expectations that Kindler—who came in as a relative outsider—will revitalize the company via fresh initiatives, Pfizer’s stock is down almost 15% since he took over. The company will have to compensate for the loss of about $13 billion of annual Lipitor (atorvastatin) revenue when it goes off patent—perhaps as soon as 2010. The Wall Street Journal (Subscription required) (3/4)