Pfizer claiming their drug is OK.
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marketwatch.com
Both Pfizer and Novartis have run studies that they say their respective COX-2 inhibitors don't share the same pitfalls as Merck's ill-fated Vioxx.
"These results seem to indicate that this increased risk is likely not a class effect for COX-2 inhibitors, but confined to Vioxx," wrote William Blair & Co. analyst Winton Gibbons in his morning note on the subject.
The withdrawal of Merck's Vioxx, which brought the company $2.5 billion in 2003, obviously will leave a giant market opportunity for its rivals, especially if its follow-on drug to Vioxx, Arcoxia, is found to cause similar health problems. About 84 million people have been prescribed Vioxx worldwide since its initial market approval in 1999.
Unless, that is, consumers decide to steer clear of all COX-2 therapies and gravitate towards older inflammatory drugs. Many of those drugs, however, such as ibuprofen and naproxen, can cause gastrointestinal bleeding, especially after long-term use.
"In terms of the COX-2 inhibitors as a class, today's news could tarnish the image of (them), but we have not heard of any news that would lead us to believe that this is an issue that would impact other products in the class; and hence affect (Pfizer's) Celebrex and Bextra, or (Merck's) Arcoxia," Albert Rauch, A.G. Edwards & Sons analyst, said in a note to investors.
"Nonetheless, we would expect the market for the COX-2 inhibitors to slow down or even shrink somewhat as doctors review the use of these compounds in light of Vioxx' side-effects," Rauch went on to say.
For now, Pfizer's Celebrex and Bextra are the only other entrants in the market. Merck's Arcoxia is awaiting approval by the FDA, and has been on the market in over 40 nations.
Novartis' Prexige, while approved in Europe, was rejected by the FDA in 2003 due to concerns over liver toxicity. Novartis has since been running additional clinical studies to prove the drug is safe and effective.
At this point, analysts seem to agree Pfizer will be the biggest gainer from Merck's misfortunes, at least in the near-term.
Pfizer, meanwhile, continued to assert on Friday that its drugs were safe and effective, despite being in the same category as Vioxx.
"Pfizer is confident in the long-term cardiovascular safety of Celebrex," Joe Feczko, Pfizer's president of worldwide development, said in a statement. "Patients taking COX-2 inhibitors may be confused and should speak with their doctors." |
