Last year marked the end of an era for Pfizer. As the company’s patent exclusivity expired for Viagra, its blockbuster erectile dysfunction drug, the pharmaceutical giant has struggled to discover its next big hit. In January, Pfizer discontinued its research into treatments for Alzheimer’s and Parkinson’s. And after long resisting calls to split itself up, the company is now mulling whether to sell its consumer healthcare business to suitors such as Procter & Gamble. Meanwhile Pfizer, which acquired biosimilars maker Hospira in 2015, is still working to address that company’s manufacturing issues, which have led to drug shortages.
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The inside story of how one company—Pfizer—and one bad acquisition has led to a dangerous hospital crisis.
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Pfizer stock was down more than 4%, while Merck fell 2% despite beating profit expectations.
Revenue overall rose just 1% to $12.9 billion last quarter, lower than the $13.1 billion projected by analysts.
Alzheimer's drug development has been a tale of heartbreaks and setbacks.