Pfizer shares hit by drug failure
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Shares in US drugmaker Pfizer plunge after it halts development of its most important experimental drug.
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NEW YORK  - Drugs giant Pfizer Inc.&#39;s stock fell on a report that new prescriptions for its blockbuster pain medication Celebrex slumped 56 percent last week.
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* The world&#39;s biggest drug company loses $25 billion in market value in one day as investors fear another Vioxx debacle. NEW YORK - Pfizer Inc.
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Pfizer yesterday said new data showed the painkiller, Celebrex, more than doubled the risk of heart attacks, sending the US drugmaker&#39;s shares plunging.
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Three major drug companies all disclosed serious problems with important medicines Friday, throwing a spotlight on the fact that the $500 billion drug industry is failing in its core business of finding new medicines.
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Uncertainty is spreading like a cancer in the pharmaceutical investing world, and that&#39;s bad news for the segment&#39;s kingpin, Pfizer (NYSE: PFE).
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Shares in Pfizer Inc fell 11 percent in Europe on Monday after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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SHANGHAI -- Looking at the facts, the past year seems to have been disastrous for Worldbest Pharmaceutical.  First, there were reports of accounting irregularities and exaggerated profit. Half the managers were fired. Then, in the summer, six people died and at least 80 fell ill after receiving an antibiotic injection manufactured by a subsidiary. Most recently, the company warned investors that it was likely to report its third consecutive year of losses....
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Shares in Pfizer Inc  fell around 14 percent in European and pre-opening U.S. trade on Monday after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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Pfizer Inc.&#39;s (PFE.N: Quote, Profile, Research) shares fell as much as 6.2 percent on Thursday on a Canadian newspaper report linking its arthritis drug Celebrex to 14 deaths.
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Shares of AstraZeneca Plc and GlaxoSmithKline Plc, the UK&#39;s two biggest drugmakers, fell after a US health official said two of their best-selling treatments need closer safety reviews.
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Stocks dropped in very heavy trading Friday as fresh concerns about pharmaceuticals, coming after Pfizer Inc. announced a troublesome health study of its Celebrex drug, overshadowed news of subdued growth in consumer prices and inflation.
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Pfizer shares plunged in blizzard-like trading volume Friday after the drugmaker said new data from cancer trials showed its arthritis drug Celebrex posed &quot;increased cardiovascular risk&quot; when used in high doses.
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US stocks fell as setbacks for drugmakers, including a study showing Pfizer Inc.&#39;s Celebrex painkiller increased the risk of heart attacks, sent health-care shares tumbling.
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Shares of biotech firm Pharmos Corp. plunged 77 percent in premarket activity on Monday, after the company reported a late-stage trial of dexanabinol failed to demonstrate efficacy in treating severe traumatic brain injury.
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Pfizer saw a 13 percent decline in sales of its best-selling cholesterol treatment, Lipitor, which contributed to lower-than-expected second quarter earnings.
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U.S. stocks closed lower on Friday,  weighed down by a number of negative reports from top drug  makers, including Pfizer Inc. PFE.N, and a $2 jump in the  price of crude oil.