Pfizer Plummets on Cancer Drug Disappointment

Henrietta Strickland
June 3, 2020

The New York-based pharmaceutical giant issued a disappointing update concerning its Phase 3 early breast cancer Palbociclib Collaborative Adjuvant Study trial results.

NYSE-listed stocks of Pfizer Inc., the American multinational pharmaceutical corporation headquartered in the New York City, which had been a component of the Dow Jones Industrial Average since 2004, took a header of almost 8 per cent on Monday after an independent clinical data monitoring committee had revealed that the world's one of the largest drugmaker's breast cancer treatment, Ibrance, would unlikely to meet its key goal in a late-stage study.

The results of the study indicate that, when used in combination with post-surgery endocrine therapy, it "is unlikely to show a statistically significant improvement in the primary endpoint of invasive disease-free survival (iDFS)".

The treatment, named Ibrance, was being tested to treat early breast cancer in men and women...

J.P. Morgan said it still sees a significant opportunity for Ibrance in metastatic disease and forecasts sales increasing to $6.8 billion by 2025 from about $5 billion in 2019. For example, a 1% change in Pfizer's stock moves the Dow by about 2.6 points, while a 1% move in Apple Inc.'s stock, which is the highest priced Dow components, would move the Dow by 21.6 points.

"We are disappointed in this outcome", said Chris Boshoff, chief development officer, Oncology, Pfizer Global Product Development.

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