Pfizer's 3rd-qtr suffers due to charges for dropping Exubera, generic competition

New York, USA-based Pfizer, the world's largest prescription drugmaker by sales, posted a dismal set of third-quarter 2007 results, which were impacted by generic competition and restructuring charges, as well as costs related to the firm's decision to stop marketing of Exubera (insulin [rDNA origin] for inhalation).

The company recorded a 2% fall in sales for the quarter to $11.99 billion, reflecting the loss of patent exclusivity for its antidepressant Zoloft (sertraline) and antihypertensive Norvasc (amlodipine) in the USA, with reported net income slumping 77% to $761.0 million, and diluted earnings per share of $0.11, compared with $0.46 in the like, year-earlier period.

The surprise announcement, along with the results, was that Pfizer had decided to stop marketing Exubera, once hailed as a breakthrough diabetes therapy with blockbuster potential. Chief executive Jeffrey Kindler explained that, "despite our best efforts, Exubera has failed to gain the acceptance of patients and physicians. We have therefore concluded that further investment in this product is unwarranted. We will work with physicians to transition Exubera patients to other treatment options in the next three months."