Friday, April 20, 2007

Pfizer - woe, woe and thrice woe!

Pfizer said on Friday quarterly earnings fell on special charges, anemic sales of inhaled diabetes drug Exubera and plunging demand for drugs facing generic competition, sending shares down 2.5 percent.

The world's largest drugmaker said its 2007 earnings will be below Wall Street expectations due to the unexpectedly swift introduction of cheaper generic forms of its hypertension treatment Norvasc.

Pfizer said 2008 revenue will be little changed from 2007, which itself was expected to be flat with last year.

Reuters

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