It's official: Pfizer is giving up on Exubera. 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, the company probably will focus on smaller fry. Biogen Idec and its $23 billion market cap, for instance. The report recommends Biogen and ImClone as good fits.
- see this excerpt from Pfizer's release on Exubera
- see the full financial results
- check out this MSNBC report
- read the WSJ deal speculation
Read more on: Pfizer | Exubera | Diabetes | Biogen Idec | ImClone