Pharmaceutical companies were down across the board on Friday following bleak news coming out of the sector.
(MRK - Get Report) warned of an
Additionally, Wyeth-Ayerst Laboratories, the pharmaceuticals unit of American Home Products (AHP - Get Report), said it has received a not-approvable letter from the FDA for a treatment for acute long-bone fractures. The agency's letter focused on the design of the clinical study and the interpretation of the clinical data. Shares of AHP were off 2.2% to $60.83 in afternoon market activity.
Others in the sector were also moving downward. GlaxoSmithKline (GSK) was off 0.6% to $56.55, and Pfizer (PFE - Get Report) lost 4.2% to $43. AstraZeneca (AZN) dropped 1.4% to $49.20, and Bristol-Myers Squibb (BMY) fell 1.6% to $54.45.Novartis (NVS) was off 4.7% to $34.98. Aventis (AVE) slipped 0.4% to $78.32, while Pharmacia (PHA) slid 5% to $48.93. Johnson & Johnson (JNJ) lost 2.5% to $51.72.