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Pfizer Catches a Big Break with Cholesterol Drug Lipitor

Pfizer Inc. (PFE) settled some litigation with generic drug manufacturer Ranbaxy, landing a pretty major victory in that it is now able to prevent competition for its cholesterol drug Lipitor until November 2011. The majority of analysts believed that Lipitor’s monopoly would crumble some time in 2010. It’s a big boon for the drug maker because Lipitor represents about $12 billion, or 25% of annual revenue. Fears of Lipitor coming under generic pressure and having to make up the lost sales elsewhere have contributed to a decline to the tune of 23.5% year to date in the stock which is fresh off a new 52-week low of $17.50. For a change, Pfizer is having a good day – it’s one of only two Dow 30 components in the green, though can’t believe the stock is managing just a 1.8% gain on this news. Not only does Pfizer have Lipitor for another year, but it assures the dividend (an ever attractive yield now at 7.1%) stays intact and buys management time to fix the company’s dreadful pipeline.

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