Pfizer Shares Tumble As Early-Stage Breast Cancer Treatment Fails Phase 3 Hurdle

Pfizer said its new breast cancer therapy, which it hoped to use in early-stage treatment, is "unlikely to show to show a statistically significant improvement.

Pfizer Inc.  (PFE) - Get Report shares slumped lower Monday after the drugmaker published disappointing data from a late-stage trial of its breast cancer treatment.

Pfzier said the treatment, a combination of its top-selling Ibrance plus Endocrine therapy in early stage breast cancer, was "unlikely to show to show a statistically significant improvement" in patient outcomes or lengthen the time the invasive disease may return. Ibrance was a key driver of the group's 11% rise in first quarter biopharma sales, which topped $10 billion, and was expected to lead Pfizer's expansion into various breast cancer treatment areas in the years ahead.

“We are disappointed in this outcome. 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," said Pfizer's chief development officer Chris Boshoff. 

“Since its initial approval in 2015, IBRANCE has helped change the treatment landscape for people with HR+, HER2- metastatic breast cancer," he added.  

Pfizer shares were marked 6% lower in pre-market trading Monday to indicate an opening bell price of $35.90 each, a move that would extend the stock's year-to-date decline to around 8.4%.

Pfizer  confirmed its 2020 financial guidance in later April, which sees revenues in the region of $40.7 billion to $42.3 billion, and adjusted earnings in the range of $2.25 to $2.35 per share, after beating Street estimates for sales and profits thanks to solid gains from its biopharma division.