Pfizer scraps cholesterol fighter, trims profit forecast

The Pfizer logo is seen at their world headquarters in New YorkThe largest U.S. drugmaker trimmed the top end of its 2016 earnings forecast on Tuesday due to costs of scrapping the experimental drug, called bococizumab, which works by blocking a protein called PCSK9. Pfizer said bococizumab gradually lost its potency in reducing "bad" LDL cholesterol and caused more irritation at the injection site than similar recently approved drugs. Shares of Pfizer were down 1.3 percent in early trading.

Source: Feed3

Leave a Reply

Your email address will not be published. Required fields are marked *