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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (4588)	7/24/1998 2:00:00 PM
From: Anthony Wong	Respond to of 9523

Pfizer Sees Viagra Prescriptions Increasing, Backs Drug's Safety July 24, 1998 12:13 PM NEW YORK -(Dow Jones)- Pfizer Inc., whose blockbuster impotence drug Viagra has already been prescribed more than three million times since hitting the market in April, told analysts Friday that it expects the number of prescriptions for the drug will increase over the rest of the year. Pfizer (PFE) also said Viagra doesn't increase the risk of cardiovascular events for patients with heart disease, and reiterated that Viagra is "highly effective" and safe when used as directed in the product label. The Food and Drug Administration said earlier this week that it has 39 confirmed reports of men in the U.S. who died after taking Viagra as of the end of June, many of whom were elderly and suffered other health problems. But federal regulators maintain the drug is safe when used appropriately. Pfizer said its experience since the launch of Viagra, including possible drug interactions, has been entirely consistent with the clinical trial results submitted to the FDA and the product labeling approved by the agency. The company also noted that Friday it filed for approval of Viagra in Japan. Pfizer has said it plans to introduce Viagra in 50 countries by the end of the year, assuming approval in Europe by the fourth quarter. Meanwhile, the company reiterated that it is "comfortable" with analysts' earnings estimates of $2.05 a diluted share to $2.10 a diluted share for the year. A First Call survey of 31 analysts put the pharmaceutical company's 1998 earnings at $2.12 a share. Last year, Pfizer earned $2.2 million, or $1.70 a diluted share, on total revenue of $12.5 billion, including $316 million in alliance revenue. Earlier this month, Pfizer reported a 37% jump in second-quarter income, to $628 million, or 47 cents a diluted share, which was two cents a share better than expected, as sales rose 25% to $3.63 billion. The New York-based company noted that its 1998 earnings forecast excludes the effects of acquisitions, divestitures, licensing fees, legal settlements and other unusual items. It said its financial performance for the full year will depend on the continued strong performance of new and upcoming products, as well as the size and timing of its investments, the impact of foreign exchange and the effective tax rate. Pfizer also reiterated that it expects to spend about $2.3 billion on research and development this year. On another topic, Pfizer said it plans to agree with the FDA on the parameters of an additional clinical study for its antipsychotic drug, Zeldox. In June, the FDA said it wouldn't approve the drug, which was filed with the FDA last September, without additional clinical data. Pfizer said it expects to refile the application late next year, and said it doesn't intend to launch Zeldox elsewhere in the world until the new clinical study is completed. The company said it will introduce new products in 1999, including the possible blockbuster Celebra, which Pfizer will co-promote with the G.D. Searle division of Monsanto Co. (MTC). Searle discovered and developed Celebra, which is used to treat pain and swelling of the joints associated with arthritis. Celebra belongs to a new class of drugs known as COX-2 inhibitors, which attacks pain without the side effects of other drugs. Pfizer also said none of its major patents will expire over the next several years, and the company expects to expand its field organization beginning in the fourth quarter. The drug company said prescriptions for its Norvasc, a calcium channel blocker for the treatment of hypertension and angina, grew by 22% during the first half of 1998. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.

To: Anthony Wong who wrote (4588)	7/24/1998 2:02:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 9523

Pfizer Sees U.S. Viagra Launch For Women At Least 2 Yrs Away July 24, 1998 12:19 PM NEW YORK (Dow Jones)--Pfizer Inc. (PFE) believes that U.S. market clearance for impotence drug Viagra to treat female sexual dysfunction is at least two years away, according to Pfizer Executive Vice President Henry McKinnell. Speaking at a meeting with Wall Street analysts, McKinnell said Viagra is being studied in a major Phase II clinical trial for this new indication. The New York drug company has noticed an anticipated slowdown in new prescriptions for Viagra and has seen strong growth in prescription refills, said Karen Katen, president of the Pfizer U.S. Pharmaceuticals Group. Over the next several months, the company hopes to see new prescriptions for the blockbuster drug to stabilize and then grow again, she said. -By Louis Hau; 201-938-5240