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Pfizer Profits Are Up, no Thanks to Chantix

-October 22, 2008

Pfizer, the world’s biggest drug manufacturer, who recently released its third quarter profits, saw its net income triple in the third quarter.  As analysts report on the profit increase, they are noting what has helped and what has hurt the drug maker this year.

Analysts are reporting that foreign exchange and savings associated with cost-reduction initiatives positively affected the third quarter results. Some drugs, however, such as Chantix are reported to have had a negative impact on the company’s overall revenue.

What is Chantix?
Chantix is a prescription medication, manufactured by Pfizer, that was designed to help people quit smoking. The drug does not contain nicotine and is meant to help smokers ease their way into a smoke-free lifestyle, by slowly reducing the urge to smoke.

Although Chantix sales have been strong since it hit the market in 2006, they proved to be much lower this year. In fact, revenue from Chantix dropped 24 percent from last year.

Why Did Chantix Sales Drop?
Analysts note that Chantix sales saw a drastic decline following an order to put a more severe warning on the Chantix label for harmful side effects. The requirement to better warn potential users of the drug was issued by the U.S. Food and Drug Administration (FDA) in January 2008. The possible side effects of the smoking cessation drug include:

• Depression
• Sever mood swings
• Increased anger & aggression
• Nervousness & anxiety
• Uncontrollable agitation
• Suicidal thoughts and behavior

Despite the decrease in revenue from Chantix, Pfizer can still celebrate a successful third quarter. Some of the drugs that saw an increase in sales include:

• Sutent: drug designed to treat cancer (49 percent increase)
• Lyrica: a drug designed to treat fibromyalgia (45 percent increase)
• Viagra: 13 percent increase
• Celebrex: 8 percent
• Animal health treatments: 11 percent increase

(Source:  Pharma Times)

If you or someone you love has taken Chantix and experienced harmful side effects, contact us today to speak with a defective drug attorney who will evaluate your case and help you obtain financial compensation to cover your damages.

 

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