Prognosis
Pfizer Drops by Most Since July as Sales of Key Drugs Disappoint
- As Upjohn spinoff deal looms, some products missing goals
- Competition for older, off-patent drugs exacts hit on sales
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Pfizer Inc. says its future looks good, but investors are registering their concern about the present.
Shares of the New York drugmaker declined Tuesday by the most since July 30, the day after the company unveiled a deal that would reshape the storied pharmaceutical giant into two very different freestanding enterprises -- one a nimble innovator of therapies for cancer and rare diseases, the other a cash-generating seller of some of the world’s most widely prescribed medicines.