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Subscribe To Our Syndicated NewsEven without a ban, Celebrex sales expected to plunge
December 21, 2004
Regardless of if regulators force Pfizer Inc. to withdraw its best-selling, blockbuster arthritis pain medicine Celebrex from the market, sales for the drug are expected to decline.
In light of the new safety concerns of COX-2 drugs following the Vioxx recall, increased Bextra safety warnings and the latest Celebrex announcement linking the drug to cardiovascular events, doctors say that even if Celebrex remains on the market they will not be comfortable starting new patients on the drugs.
The use of COX-2 drugs was believed to effectively treat inflammation while protecting the stomach lining. The discovery that instead, patients can be helped by older over-the-counter drugs like ibuprofen without the increased risk of heart attacks has resulted in worried patients requesting to be taken off of COX-2 drugs. Dr. Marcia Angell, the former editor of The New England Journal of Medicine, said "there was never much reason for these drugs in the first place," adding, "so one should accept virtually zero side effects from these drugs."
Pfizer said December 17 that a study reflected high doses of Celebrex taken for long periods were associated with a sharply increased risk of heart attacks, and after the FDA issued pressure on the company, December 19 Pfizer said it would discontinue all consumer advertising for Celebrex. Still, the company does not plan on taking Celebrex off the market maintaining there is no evidence it is unsafe at lower doses or for shorter periods.
Pfizer shares fell $1.46, or 5.6 percent to close at $24.29 on December 20, and Pfizer has lost nearly $35 billion in market value since its study result announcement just four days ago. The chief investment officer of Matrix Asset Advisors, David Katz, said the decline was Wall Street's response to fear of potential product liability lawsuits. Katz says that even if the FDA forces Pfizer to withdraw Celebrex and Bextra, Pfizer shares have already fallen too far.For more information on Celebrex warnings, please contact us to confer with a Celebrex Lawyer and learn your legal rights and options.
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