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Subscribe To Our Syndicated NewsBextra charges affect Pfizer's first quarter net income
-April 20, 2005
After Pfizer Inc. announced it was suspending its arthritis pain reliever Bextra, the world's biggest drugmaker saw its first-quarter net income plunge 87 percent
Pfizer said it took a $766 million charge for suspending sales of Bextra after the FDA concluded the drug's risks outweighed any benefits. In addition to the increased heart attack and stroke risks all COX-2 drugs have been associated to - including Merck & Co.'s Vioxx recalled six months ago and Pfizer's other COX-2 called Celebrex- Bextra is also linked to a rare but potentially deadly skin reaction called Stevens Johnson syndrome.
Losses were also attributed to a tax charge to return overseas profit to the U.S. Last year, Bextra and Celebrex generated a combined $4.6 billion in sales after getting a lift when competing drug Vioxx was recalled in September.
Though the FDA allowed Celebrex to remain on the market, the drug labeling must carry strong warnings about heart attack and stroke risks.
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