Dallas, Texas 08/26/2014 (FINANCIALSTRENDS) – Pfizer Inc. (NYSE:PFE), known to be one of most largest US-based pharmaceuticals in the world, has been making news more for its tax-inversion forays in recent months, than for the drugs it markets.
The financial reporting of the past quarter, announced in July, did see an EPS of $0.58 but saw the guidance for the third quarter pared down.
This brought into sharp focus the lack of strength in Pfizer’s drug line-up as many are now completed their patent periods. As Pfizer Inc. (NYSE:PFE) begins the scout for potential blockbusters its current product which holds much hope is Palbociclib, a breast cancer drug.
As one of firs-line breast cancer fighting drugs which is typically administered with Novartis’ product, Pfizer hopes to sail through second-half.
Meanwhile, the continued debate on its relocation overseas for the purposes of tax-evasion in the US, continues to make news.
Though, its offer for UK-based Astrazeneca was rejected by the board members, citing offer as low, discussions continue that Pfizer has not completely resigned from making future overtures.
As one analyst based out of Delware commented, Pfizer’s 2,000 and more employees in the region are not yet out of the uncertainty zone despite the first round offer did not go through.
As, the analyst explained that, companies of the size of Pfizer Inc. (NYSE:PFE) have a long tail on such overtures. Mergers and acquisitions are long-drawn processes involving expenses. Therefore, it cannot be concluded that Pfizer will not make another round of offers, including a better offer to AstraZeneca itself or look around for other players which may fit is budget and drug stockpile profile!
AstraZeneca which has a long history in developing experimental drugs had seemed attractive to Pfizer, considering its dwindled stock of drugs. However, the former rejected Pfizer offer, considering it too low to match the value of its experimental drugs.