Strong competition for biosimilars hurt sales of the drug maker's rheumatoid arthritis treatment, Enbrel. Fred Katayama reports.
Mixed picture at Pfizer. The drug maker's revenue fell for the second straight quarter. Hurting sales: strong competition for biosimilars resulted in drastically lower demand for its rheumatoid arthritis treatment Enbrel. Sales also fell for its pneumonia vaccine Prevnar. Credit Suisse senior analyst Vamil Divan said, "Enbrel is holding up better than expected outside of the U.S. in the face of biosimilar competition ... Prevnar sales in the second quarter were especially light." Overall revenue fell short of Wall Street's estimates. On the other hand, profit rose and edged past analysts' forecasts. And the company raised the low-end of its earnings forecast for the full year. But Pfizer faces upcoming patent expirations on its blockbuster sexual dysfunction drug Viagra and its pain drug Lyrica. So analysts say it needs to pursue deals to revive growth. Pfizer shares, up just 2 percent this year, eased at the start of trading Tuesday.