It's official: Pfizer is giving up on Exubera [1]. Pulling its plug cost the company $2.8 billion against third-quarter earnings, a charge that sent profits tumbling 77 percent to $761 million. Once a blockbuster hopeful, the inhaled diabetes drug failed to catch on, delivering only $4 million in sales during the last quarter.
Meanwhile, analysts are still hashing over the company's next deal. A Citigroup report--based on conversations with Pfizer management--says the company will be "more transaction oriented" over the next year and a half. But rather than focusing on big buys, such as Amgen or Wyeth [2], the company probably will focus on smaller fry. Biogen Idec and its $23 billion market cap, for instance [3]. The report recommends Biogen and ImClone as good fits.
- see this excerpt from Pfizer's release [4] on Exubera
- see the full financial results [5]
- check out this MSNBC report [6]
- read the WSJ deal speculation [7]
Related Articles:
Who should Pfizer buy? Report [8]
Troubled Pfizer blueprints biotech venture effort. Report [9]
Exubera becoming a big disappointment for Pfizer. Report [1]
UK: Exubera not worth the price. Report [10]
FDA approves Pfizer's inhaled insulin. Report [11]
Read more on: Pfizer [12] | Exubera [13] | Diabetes [14] | Biogen Idec [15] | ImClone [16]
Links:
[1] http://www.fiercebiotech.com/story/exubera-becoming-a-big-disappointment-for-pfizer/2007-04-10
[2] http://www.fiercepharma.com/story/pfizer-wyeth-merger-bad-idea/2007-08-27
[3] http://www.fiercepharma.com/story/will-big-pharma-buy-biogen-idec/2007-10-15
[4] http://www.fiercebiotech.com/press-releases/press-release-excerpt-pfizer-returns-exubera-rights
[5] http://www.pfizer.com/news/press_releases/pfizer_press_releases.jsp
[6] http://www.msnbc.msn.com/id/21359464/
[7] http://blogs.wsj.com/deals/2007/10/17/deal-hints-from-pfizer-management/
[8] http://www.fiercepharma.com/story/who-should-pfizer-buy/2007-10-16
[9] http://www.fiercebiotech.com/story/troubled-pfizer-blueprints-biotech-venture-effort/2007-08-02
[10] http://www.fiercebiotech.com/story/spotlight-uk-exubera-not-worth-the-price/2006-04-18
[11] http://www.fiercebiotech.com/story/fda-approves-pfizer-s-inhaled-insulin/2006-01-30
[12] http://www.fiercebiotech.com/tags/pfizer
[13] http://www.fiercebiotech.com/tags/exubera
[14] http://www.fiercebioresearcher.com/tags/diabetics
[15] http://www.fiercebiotech.com/tags/biogen-idec
[16] http://www.fiercebiotech.com/tags/imclone