Bravado Could Come Back to Haunt Pfizer

Now, Pfizer (PFE Quote) is causing some hearts to pound.

The giant drugmaker on Friday warned that its popular painkiller Celebrex has been linked to heart attacks in a new study. The announcement comes less than three months after rival Merck (MRK Quote) withdrew a similar blockbuster, Vioxx, because of cardiac risks.

At the time of the Vioxx recall, Pfizer expressed confidence in the safety of its own Celebrex and even recommended the drug as "an appropriate treatment alternative" for Vioxx users seeking new medication. Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Okla., remembers cringing at the "foolish" comments by the company. ...