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Pfizer Says Breast Cancer Trial Unlikely To Be Effective

Pfizer Inc. (PFE) said that its Phase 3 early breast cancer PALbociclib CoLlaborative Adjuvant trial is unlikely to show a statistically significant improvement in the primary endpoint of invasive disease-free survival. No unexpected new safety signals were observed in patients receiving palbociclib.

"We are disappointed in this outcome. Breast cancer is a leading cause of death around the world and delaying or preventing the development of metastatic disease is a significant unmet need," said Chris Boshoff, Chief Development Officer, Oncology, Pfizer Global Product Development.

PFE closed Friday regular trading at $38.19, up $0.01 or 0.03%. But, in the after-hours, the stock dropped $2.45 or 6.42 percent.

Palbociclib is also being studied in patients with high-risk early breast
cancer and results from the collaborative PENELOPE-B trial are expected later
this year.

Meanwhile, Pfizer said it remain highly confident in its ability to deliver, following the closing of the proposed combination of Upjohn with Mylan N.V., a compound annual growth rate for revenues of at least 6% through 2025.

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