Those who read this column regularly know our doubts about Prizer’s new blockbuster drugs. These are the ones the are to replace all of those going off patent and into the hands of the generics companies. As we said about the most important drug, torcetrapib, which had a high blood pressure side effect “it fixes one thing and damages another”.
Pfizer pulled the drug today. Too many people were dying in the clinical trials. In a test with 15,000 patients 81 of those taking torcetrapib and Lipitor died. Only 52 people taking Lipitor alone pass away. With Lipitor going off patent in 2010, the new drug was the company’s big bet to replace the $12 billion a year in annual revenue.
Watch the stock drop off the edge of the earth on Monday. By the way, why do companies always release bad news on weekends?
Douglas A. McIntyre can be reached at email@example.com. He does not own securities in companies that he writes about.