Pfizer shares plunged in after hours trading on Friday after the drugmaker said that a treatment for breast cancer was unlikely to be effective.
In a press release, Pfizer said that the treatment was "unlikely to show to show a statistically significant improvement" in patient outcomes for breast cancer. Shares of Pfizer (PFE) - Get Report were down 6% in after hours activity on Friday.
“We are disappointed in this outcome," said Chris Boshoff, M.D., Ph.D., Chief Development Officer, Oncology, Pfizer Global Product Development. "Breast cancer is a leading cause of death around the world and delaying or preventing the development of metastatic disease is a significant unmet need. PALLAS is a large study with many subgroups and we are actively collaborating to determine if there are patients who may benefit from adjuvant treatment with the palbociclib combination."
The drug in question is IBRANCE (palbociclib), an oral inhibitor of key regulators of the cell cycles that trigger cellular progression. IBRANCE currently is approved in more than 95 countries and has been prescribed to more than 300,000 patients globally, Pfizer said.
The PALLAS trial involved using palbociclib in combination with endocrine therapy for treatment of breast cancer, and compared it to standard adjuvant endocrine therapy alone.
Pfizer said recently that it aims to have a vaccine for coronavirus ready for emergency use by the fall.
For the March quarter, the company reported stronger-than-expected earnings, and maintained its full-year profit guidance, as key branded drugs drove solid gains for its biopharma division.
Pfizer shares are down roughly 2% year to date.