Thursday, October 18, 2007

Pfizer posts 77% earnings decline

If you live in Ann Arbor, you might be tempted to engage in hearty Schadenfreude at the news of tough times for Pfizer.

The company reports a 77 percent decline in third quarter earnings.

Pfizer has ditched development of Exubera, an inhaled insulin product that had promised to be big. Rational exuberance has yielded to rational cutting of losses.

Pfizer reportedly does not have enough drugs in development to offset losses from generic competition. The company has recently lost exclusivity with Zithromax, Zoloft and Norvasc.