thestreet.com/markets/pfizer-stock-slumps-on-litigation-linked-to-zantac-heartburn-drug
Deutsche Bank note suggests companies which marketed Zantac could be liable for damages if pending cases conclude that it was sold to consumers despite its now-documented links to cancer. The U.S. Food & Drug Administration pulled ZantAC from the shelves in 2020 following tests that indicated high levels of MDMA, a known carcinogen.

Pfizer marketed Zantac between 2000 and 2006. Pfizer currently owns a 25% stake in Haleon, the consumer health division spun out of GSK Plc earlier this year. Haleon and GSK and France's Sanofi were all named by analysts as companies that could face litigation risk.

Pfizer shares were marked 3.6% lower in early afternoon trading Thursday. GSK's U.S-listed shares fell 9.7% to $34.58 each. Pfizer has not sold Zantac since 2006, and only sold an OTC version of the product.

Pfizer lifted the lower end of its adjusted earnings guidance by 5 cents per share. Around $8.85 billion of Pfizer's total revenue came from sales of its Comirnaty vaccine, while Paxlovid contributed $ 8.1 billion. Pfizer now forecasts a range of between $6.30 to £6.45 per share for 2022.
Posted by AL alphaman
Tap to Copy the Short Url to This Post:
bto.sh/ijpkiruw 
One-Stop Business News backed by Mark Cuban. Free to Use →