Pfizer Down 77% on Loss of Exubera

Third-quarter earnings take hit on failure of inhaled-insulin drug
By Caroline Miller,  Newser Staff
Posted Oct 18, 2007 7:54 AM CDT
Pedestrians walk past Pfizer world headquarters in New York, in this Dec. 4, 2006 file photo. Pfizer Inc., the world's largest drug maker, said Friday, April 20, 2007 its profit fell 18 percent in the...   (Associated Press)
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(Newser) – The world's largest drug maker took a 77% hit in third-quarter net income after dropping Exubera, its inhaled insulin product. Competition from generic drugs also pulled down sales, Pfizer announced this morning, as the company lowered its 2007 net-income forecast.

In walking away from Exubera, which Pfizer acquired the world-wide rights to last year for $1.4 billion, the company took a $2.8 billion charge. Sales were disappointing—just $4 million for the second quarter of 2007—the company said, as the drug "failed to gain the acceptance of patients and physicians." Sales of Lipitor, Zithromax, Zoloft, and Norvasc all suffered from recent loss of exclusivity.