Pfizer Ends Cholesterol Drug Trials as Earnings Fall Short
- Trial stoppage to lower adjusted EPS by 4 cents this quarter
- Third-quarter profit misses analysts’ estimates on weak sales
Pfizer Unexpectedly Ends Cholesterol Drug Trial
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Pfizer Inc. surprised investors Tuesday by announcing it is ending development of an experimental cholesterol-lowering drug that was projected to be a blockbuster, and reported third-quarter earnings that fell short of analysts’ estimates.
The drug, an injection called bococizumab, had unexpected side effects and was becoming less effective over time, Pfizer said in a statement. Stopping two large, final-stage tests of the treatment will lower full-year adjusted earnings by 4 cents a share. Two similar drugs are already sold by competitors, and sales of Pfizer’s were projected to reach $958 million by 2022, according to analysts’ projections.