Why Pfizer Stock Is Sliding Today
Shares of Pfizer (NYSE: PFE) were sliding 3.1% lower as of 12:54 p.m. ET on Monday. The decline came after the big drugmaker announced that it is discontinuing the clinical development of vupanorsen. Pfizer licensed the experimental drug from Ionis Pharmaceuticals (NASDAQ: IONS) in November 2019. The company had been evaluating vupanorsen as a potential treatment for reducing cardiovascular risk and for severe hypertriglyceridemia.
This was a significant setback for Pfizer. The company had previously hoped that vupanorsen could generate peak sales of more than $3 billion. The experimental drug was one of several pipeline candidates that Pfizer expected would help it add at least $15 billion in annual revenue.
Image source: Getty Images.
Source Fool.com
