$30B Market Value Lost on World's Biggest-selling Drug Replacement Failure at Pfizer

Lipitor, the world's biggest-selling drug at $12.2 billion last year, is one of six Pfizer products losing patent protection by 2011. Pfizer's (PFE) shares fell as much as 15%, wiping nearly $30 billion off the company's market value, after the world's biggest drugmaker ended development of its cholesterol pill torcetrapib designed to replace Lipitor when its patent expires.

More Stas on Pfizer the the drug industry:

  • Pfizer invested as much as $1 billion in developing the new medicine to replace Lipitor.
  • Analysys estimated annual sales of torcetrapib might have reached $20 billion.
  • Patent expirations will cost the Pfizer $14 billion annually between 2005 and 2007.
  • U.S. Retail Pharmacy Drug Sales Grew 5% to $190 billion annual rate
  • IMS Health reported $379.29 billion in global drug sales through retail pharmacies in the 12-month period to August 2006.  

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