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

To: Sonki who wrote (6858)	1/28/1999 7:52:00 PM
From: BigKNY3	Read Replies (2) \| Respond to of 9523

Pfizer Plans 3-For-1 Stock Split, Gets Backing For Heart Drug 01/28/99 Dow Jones Business News NEW YORK -(Dow Jones)- Pfizer Inc. Thursday announced plans for a 3-for-1 stock split, which could happen as soon as April if the drug maker's board and shareholders approve. Also Thursday, a Food and Drug Administration advisory panel unanimously recommended approval of the company's atrial fibrillation drug Tikosyn, as expected. Shares of Pfizer (PFE) gained $5.063, or 4.2%, to finish at $127 Thursday. The stock has traded as high as $128.938 earlier this month and as low as $77.875 early last year. New York-based Pfizer is still enjoying strong sales of its popular impotence drug Viagra , which was introduced last April. The drug, which now is available in 40 countries, was just approved for sale in Japan, opening up a large new market. The Tikosyn drug would treat atrial fibrillation, the most common abnormal heart rhythm. It occurs when the heart's upper chambers quiver instead of beating properly. This is a major risk factor for stroke and has related symptoms such as shortness of breath, light-headedness and fatigue. Atrial fibrillation affects more than 2.2 million people in the U.S. and more than 10 million people world-wide. The panel said Tikosyn should be used by patients with atrial fibrillation who are symptomatic because some cases are benign. The panel discussed at length a potentially irregular heartbeat that occurred in some patients. However, the group decided to support the drug because other drugs for atrial fibrillation have similar side effects, which can be monitored. Dr. Jeremy Ruskin of Massachusetts General Hospital, working on behalf of Pfizer, told the panel that 60% to 70% of people treated with the drug were able to maintain a normal heartbeat rhythm for a year. The company also said there was no difference in noncardiac adverse events in patients who received Tikosyn compared to those given an inactive placebo. The company recently completed a Tikosyn study with people on hormone-replacement therapy, said Dr. Steven Ryder, Pfizer's senior vice president for U.S. clinical research. The final results are being analyzed. Ryder said Pfizer will work with the agency to determine what additional trials will be necessary. Credit Suisse First Boston analyst James Kelly said this week he estimates peak sales of the drug to top out at approximately $300 million to $400 million annually. The FDA will now make a final decision on the drug. It usually follows the recommendations of its advisory panels. Pfizer's biggest-selling drug is Norvasc, a treatment for hypertension and angina. Its other major drugs include antidepressant Zoloft and antibiotic Zithromax