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April 18, 2019, 6:37 p.m. EDT

Pfizer, Lilly shares decline as osteoarthritis drug misses goals in study

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By Wallace Witkowski

Shares of drug makers Pfizer Inc. /zigman2/quotes/202877789/composite PFE -2.11% and Eli Lilly & Co. /zigman2/quotes/200106384/composite LLY -1.88% declined in the extended session Thursday after the companies said a clinical study of an osteoarthritis drug didn't meet certain goals. Pfizer shares declined 1% after hours, following a 1.3% decline to close at $39.38 in the regular trading session. Lilly shares fell 1.9% after hours, following a 1.1% close lower at $115.20. The companies said that a late-stage study of their drug tanezumab at 5 mg did not show a statistically significant improvement in overall osteoarthritis symptoms compared with nonsteroidal anti-inflammatory drugs. A 2.5 mg dose did not show a statistically significant improvement in pain, physical function or patients' overall assessment, the companies said. "We are analyzing these findings in the context of the recent Phase 3 results as we assess potential next steps for tanezumab," said Ken Verburg, Pfizer's tanezumab development team leader, in a statement. "We plan to review the totality of data from our clinical development program for tanezumab with regulatory authorities."

/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 34.34
-0.74 -2.11%
Volume: 26.34M
Aug. 23, 2019 6:30p
P/E Ratio
15.68
Dividend Yield
4.19%
Market Cap
$189.94 billion
Rev. per Employee
$580,595
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/zigman2/quotes/200106384/composite
US : U.S.: NYSE
$ 109.51
-2.10 -1.88%
Volume: 3.87M
Aug. 23, 2019 6:30p
P/E Ratio
26.11
Dividend Yield
2.36%
Market Cap
$105.73 billion
Rev. per Employee
$634,842
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