Pfizer fizzles
Share Now on:
Pfizer fizzles
TEXT OF STORY
BOB MOON: So what do you do when Plan B fails? That’s what investors seem to be asking the world’s biggest drugmaker, Pfizer, this morning. An advanced cholesterol drug that was supposed to take the place of its top-selling brand Lipitor has suddenly gone from the company’s best hope, to hopeless, and shares of Pfizer are fizzling this morning. Marketplace’s Stacey Vanek-Smith reports.
STACEY VANEK-SMITH: Pfizer was hoping lightening would strike twice in the same spot.
Its cholesterol-lowering Lipitor is the best-selling drug in the world. It brings in more than $10 billion a year, but Lipitor’s patent will expire in a few years, and Pfizer is scrambling to find a replacement.
The new drug was meant to treat heart disease by raising good cholesterol.
Mark Ravera is principal analyst at Strategic Pharma consulting group. He says losing this drug is a huge blow.
MARK RAVERA: It really would have been potentially a very, very big drug. This is going to be a difficult one to replace for them, because of the time it takes to develop a new drug, bring something new and also of blockbuster potential through the pipeline.
Without a strong follow-up to the hugely successful Lipitor, Pfizer may have to rely on cost-cutting and corporate buyouts to keep its edge in the ultra-competitive pharma industry.
In New York, I’m Stacey Vanek-Smith for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
