Smokers or Pfizer: Who Really Needs Chantix to Succeed?
Wednesday, June 04, 2008
The Pfizer public relations machine has been running at full speed lately, ever since widespread reports of suicidal thoughts, aggressive behavior and other serious adverse reactions in users of the pharmaceutical giant’s popular Chantix anti-smoking drug intensified. Chantix users have been experiencing angry, irrational behavior, terrifying dreams and a host of other problems, prompting a non-profit pharmaceutical watch dog group to recently publish a report detailing at least 988 “serious adverse events” relating to the drug filed with FDA during the last 3 months of 2007 – more reports than for any other medication received by FDA during the same period.
On May 29, 2008, Pfizer went on the offensive with full-page advertisements placed in five of the nation’s largest daily newspapers touting the positives of Chantix – “There are few things that provide greater health benefits than quitting smoking” – and acknowledging the suicidal thoughts and bizarre behavior the drug has caused in some patients. The ads also promote the fact that 44% of Chantix users kicked their habits after 12 weeks on the drug, making them more than twice as successful as non-users. However, even by Pfizer’s own admission, Chantix is less than 50% effective, which for many users could tip the risk-reward equation of the drug out of balance.
But although Pfizer claims smokers need Chantix to quit smoking, it seems the one that really needs Chantix to succeed is Pfizer.
The world’s largest drugmaker is banking heavily on Chantix, which hauled in $883 million in sales in 2007 and had been projected to continue its revenue climb into 2008 and beyond before the adverse side effects scandal came to light. Pfizer desperately needs Chantix to help soften the estimated $13 billion blow the company stands to lose in March 2010 when its top-producing, cholesterol-fighting pill, Lipitor, faces generic competition for the first time.
Pfizer claims that 6.5 million patients take Chantix worldwide – including 5.5 million Americans. Prescriptions for the drug are already down as news of the adverse emotional and physical reactions spreads.
The recent bad press for Chantix has rocked Pfizer back on its heels, forcing down revenue forecasts for 2008 and 2009 as much as 2 percent while driving its stock to a five-year low, down more than 30% in the past 12 months.
In response to the mounting criticism of the drug that turned out to be a bit of a surprise financial success, Pfizer is reaching out to the media and bloggers who have been blasting Chantix for months by hosting a series of roundtable discussions and “Blogger Lunches” in early June, hoping to salvage the drug that holds so much financial promise.
So, while Pfizer claims Chantix will save thousands of lives by snuffing out cigarettes, it’s clear the real one getting smoked by the growing controversy over the drug is Pfizer.
Posted under: Dangerous Drugs • Chantix