Celebrex, Bextra Documents Requested By SEC
This article was originally published in The Pink Sheet Daily
SEC investigation joins ongoing investigations by Department of Justice, state attorneys general and a civil suit issued by the State of Louisiana.
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Pfizer will have to take charges to write off assets relating to the withdrawal of the COX-2 inhibitor in addition to $71 mil. in expected product returns. Pfizer has revised its April 5 guidance downward to reflect the withdrawal.
Escalation of SEC's "informal inquiry" is "not unexpected," Merck says. Company anticipates a federal judicial panel will rule in several weeks on motions to consolidate Vioxx personal injury and shareholder lawsuits for coordinated pretrial proceedings.
Firm notes strong uptake of the product in 2006, as well as more than $400 million in Thalomid sales for the year during earnings call.