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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)
PFE 27.22+2.8%Feb 6 9:30 AM EST
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To: Anthony Wong who wrote (39)5/26/1998 7:22:00 PM
From: B.REVERE   of 1722
 
[briefing.com]--today 13:55--PFIZER INC. (PFE) 103 7/8 -1 9/16. Pharmaceutical stock continues to sink on fears over its Viagra drug after
it was reported last week that the impotence drug could be linked to six deaths. While both the FDA and Pfizer
continue to look into the cause of the deaths, which occurred during clinical trials of 4,500 men, the FDA continues
to back the drug as safe and effective for its labeled indication and intended use. However, investors have taken a
slightly more negative view, although given the rapid rise in the stock associated with this wonder drug, some profit
taking was probably in store and this latest scare is only being used as an excuse to take profits. With more than one
million prescriptions for Viagra already issued, there is likely to be little sales drop-off once the dust settles and it is
shown that Viagra by itself did not contribute to the deaths reported last week. Still, it seems that investors will need
to be convinced that Viagra will continue to receive the backing of the FDA and that its safety profile will not be
significantly altered. With sales likely to exceed the $1 billion mark in its first year, and exceed $3.5 billion in four
years or less, Viagra is likely to be a significant growth engine that drives and supports the high multiple that PFE
currently enjoys, even after the recent price correction.
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