Pfizer Weekly Recap: Will Its Q3 Profit Slump Affect Its Outlook?
On Monday, Pfizer (NYSE:PFE) postponed the posting of its third quarter results and conference call with investment analysts because of the expected severe weather conditions from Hurricane Sandy. The events had been set for Tuesday; the webcast was rescheduled for Thursday at 10 a.m., when they did take place.
On November 1st, The S&P 500 component Pfizer Inc. posted a decrease in profit as revenue declined. Pfizer is a global pharmaceutical company which develops and manufactures prescription medications for humans and animals.
Pfizer said on Thursday that it will pay a $1.25 million contingent payment to Isis Pharmaceuticals, triggered by the former’s decision to advance EXC 001 into a Phase 2 study. Last year, Isis received $4.4 million for its equity ownership of Excaliard from Pfizer’s purchase of Excaliard Pharmaceuticals and, except for the $1.25 million, is eligible to receive $8.35 million more in contingent payments upon the achievement of various milestones linked with the clinical and commercial progress of EXC 001, also referred to as PF-06473871.
Also on the 2nd of November, Pfizer and Protalix BioTherapeutics report that the European Commission has issued a Commission Decision refusing the Marketing Authorization for taliglucerase alfa, which is an enzyme replacement therapy for the treatment of Gaucher disease.
Pain Therapeutics shares plummeted Friday, following Pfizer reporting on its earnings conference call that it will conduct additional tests of Pain Therapeutics’ painkiller drug, Remoxy, says the research firm C.K. Cooper. Pfizer is collaborating with Pain Therapeutics to develop and commercialize Remoxy, and anticipates the results from the most recent tests by early next year.