Pfizer Contests Lipitor Rule
Pfizer
(PFE) - Get Report
said Tuesday that it would appeal a decision by the Austrian Patent Office that invalidated a patent on the main ingredient in its cholesterol-fighting drug Lipitor.
Pfizer says the patent challenge, filed by the Indian generic drug company
Ranbaxy Laboratories
, doesn't affect litigation in other countries, including the U.S. Ranbaxy also is challenging the U.S. patent, which expires in 2011.
The U.S. drug titan says the appeal will take about a year. Ranbaxy is contesting another Lipitor patent in Europe, which expires in 2011. No hearing has been scheduled, Pfizer says.
Although analysts doubt that Ranbaxy will overturn the U.S. Lipitor patent, many analysts are injecting a note of caution into research reports because Lipitor is the world's best-selling drug. It accounted for $10.9 billion in sales last year, or 21% of Pfizer's revenue.
Pfizer's stock was off 26 cents, or 1%, to $25.97.