Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (865)	10/6/1998 6:16:00 PM
From: Anthony Wong	Respond to of 1722

Pfizer Inc. Maintained Near-Term 'Buy' at Merrill Bloomberg News October 6, 1998, 4:08 p.m. ET Princeton, New Jersey, Oct. 6 (Bloomberg Data) -- Pfizer Inc. (PFE US) was maintained near-term ''buy'' by analyst Steven C. Tighe at Merrill Lynch & Co. -- Andrew Bekoff in Princeton, New Jersey, (609)279-3652

To: Anthony Wong who wrote (865)	10/6/1998 6:25:00 PM
From: Anthony Wong	Read Replies (4) \| Respond to of 1722

Dow Jones: Pfizer Shares Take Hit Amid Lawsuit, Slower Viagra Sales October 06, 1998 4:43 PM NEW YORK -(Dow Jones)- Shares of drug company Pfizer Inc. dipped Tuesday amid news of a lawsuit against the company and reports of a drop in prescriptions for the company's blockbuster impotence drug Viagra. Analysts who were aware of both events seemed unable to pinpoint a reason for the selloff. They were generally unconcerned about the lawsuit filed by Schering-Plough Corp. (SGP) against Pfizer (PFE) and agreed that Viagra prescriptions, though below peak levels, shouldn't shave 10% off the company's stock. According to IMS Health Inc., a company that monitors pharmaceutical sales, total U.S. prescriptions of Viagra dispensed for the week ended Sept. 25 were 156,312, down from 164,546 the previous week. New prescriptions for the impotence drug were 71,509 for the week ended Sept. 25, down from 75,423 a week earlier. But the dropoff in prescriptions is nothing new, and many Wall Street analysts have expected a decline in sales after the highly successful launch of the blockbuster drug. "We're still searching to find out what the plateau level will be," said Hambrecht & Quist Inc. analyst Alex Zisson. FDA-required labels warn that Viagra shouldn't be used by heart patients who are taking nitroglycerin or other nitrate drugs. The combination can cause a sudden, and possibly lethal, drop in blood pressure. Concerns about slowed Viagra sales emerged as early as Sept. 4, when Morgan Stanley Dean Witter lowered its investment rating on Pfizer after Viagra sales fell short of the firm's expectations. But while Viagra sales failed to meet Morgan Stanley's estimates, the numbers didn't disappoint several other analysts enough to prompt a downgrade in their "buy" ratings on Pfizer. At the time, one market analyst noted that with most new drug launches, market expectations vary widely. A drug like Viagra would have even broader expectations, he noted. Aside from the drop in Viagra prescriptions, Pfizer faces a lawsuit filed by rival drug-maker Schering-Plough. The suit, announced Monday after market close, alleges Pfizer broke a previous pact that resolved a dispute between the two companies over their competing allergy drugs. Analysts, generally unmoved by the lawsuit, said these kind of disputes between drug companies aren't unusual. This lawsuit, in particular, dates back to 1996. "I don't see it as terribly meaningful," said ABN Amro analyst James Keeney. Schering-Plough markets Claritin, while Pfizer markets the rival prescription allergy medication Zyrtec. The dispute between the two companies dates to 1996, when they attacked each other over their marketing practices - Schering-Plough claimed Pfizer salesmen were falsely touting their drug as nonsedating, while Pfizer claimed Schering-Plough salesmen put warning stickers on Zyrtec samples in doctors' offices. The two sides settled the litigation that resulted, promising to back off even though they didn't admit any wrongdoing. But in the new lawsuit, filed in federal court in New York, Schering-Plough alleged Pfizer has violated that settlement, by continuing to claim that Zyrtec doesn't cause drowsiness. Nevertheless, Pfizer's stock has taken a beating over the last two trading sessions and is off 26% from its 52-week high of $121.75 on April 21. Tuesday, the stock closed down $5.375, or almost 6%, to $89.375 on volume of almost 7.5 million shares. Average daily volume is 4.3 million. "It's a big hit," said HKS & Co. analyst Hemant Shah. -Melanie Trottman; 201-938-5287 Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.