Are Pfizer's Growth Prospects in Trouble With Its Shocking Ibrance Setback?
Pfizer (NYSE: PFE) started off the month of June with a bombshell. The big drugmaker announced disappointing news on Monday from its Pallas late-stage study evaluating Ibrance as adjuvant therapy in treating early-stage breast cancer. The independent Data Monitoring Committee of the study determined that the clinical trial was unlikely to show statistically significant improvement following a preplanned efficacy and futility analysis.
This was a big blow to Pfizer. In the company's Q1 conference call in late April, chief scientific officer Mikael Dolsten said that "we feel very optimistic and good" about the Ibrance-as-adjuvant study. But the shocking setback raises the question about just how optimistic investors should now be about Pfizer's growth prospects. Are those prospects now in trouble?
Image source: Getty Images.
Source Fool.com