Pfizer Shares the Pain

Sales of Bextra and Celebrex will be affected not only by the recent clinical trials but also by the FDA's recent recommendation that doctors be more conservative in prescribing such drugs. Four weeks ago, the FDA told doctors to balance the risks and benefits of Cox-2 drugs, especially for patients at risk for heart attacks or strokes.

The agency noted that many patients seeking pain relief also have a high risk for gastrointestinal bleeding. Some don't respond well to pain drugs such as ibuprofen. For patients who "are not doing well" on these drugs, Cox-2 drugs "may be appropriate candidates," the FDA said. These recommendations will stay in place until the agency completes its review of all Cox-2 drugs.

In Tuesday trading, Pfizer's stock was off 1 cent at $25.24. (It traded around $37 as recently as last April.) Since the beginning of the year, the stock has barely budged, and the daily trading volume has been lower than average -- a good indication that many investors, like many analysts, are on hold until the crucial financial announcement.