This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pfizer Takes a Flogging

Pfizer continued to feel the impact of last year's safety controversy involving COX-2 arthritis drugs, which include the company's Celebrex and Bextra. Celebrex remains on the market, but Bextra's sales were suspended in April after the Food and Drug Administration said its risks outweighed its benefits.

Pfizer disputes the FDA's assessment, and it's trying to convince the agency that the drug can return to the market. Celebrex sales fell 44% to $446 million with the decline fairly evenly spread among U.S. and foreign markets.

As for other big-name drugs, the blood pressure drug Norvasc produced a 9% sales gain to $1.13 billion, the antidepressant Zoloft added only 1% to $807 million, and sales of the antibiotic Zithromax rose 19% to $402 million.

Sales of the impotence drug Viagra skidded 4% worldwide to $386 million, with U.S. sales losing 7% and foreign sales gaining 14%.

Generic competition took a toll on the epilepsy drug Neurontin, whose sales declined 80% to $155 million, and the antifungal Diflucan, whose sales sank 52% to $103 million.

In other matters, Pfizer removed some of the mystery involving dalbavancin, an experimental injectable antibiotic that was obtained when the company acquired Vicuron Pharmaceuticals.

The FDA was supposed to have ruled on the product Sept. 21, but neither Pfizer nor the agency said anything. Analysts speculated that Pfizer received conditional approval. On Thursday, Pfizer confirmed the conditional clearance, saying that "we anticipate a rapid and successful resolution of outstanding issues" that will allow final approval in the coming months.

McKinnell added that "all options are open" regarding the repatriation of earnings from foreign subsidiaries thanks to a one-time tax holiday law signed by President Bush last year. Pfizer has repatriated $36.9 billion at a sharply reduced tax rate. McKinnell said some of the money has been applied to paying down debt, but he said he wasn't interested in using the money for a big acquisition.

4 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,590.21 +233.34 1.34%
S&P 500 2,039.82 +26.93 1.34%
NASDAQ 4,703.61 +59.2980 1.28%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs