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AstraZeneca PLC (AZN) - free report >>
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Pfizer's Ibrance Gets FDA Approval for Breast Cancer in Men
Pfizer, Inc.’s (PFE - Free Report) blockbuster medicine Ibrance gained FDA approval for the treatment of breast cancer in men, thereby expanding the drug’s eligible patient population.
Ibrance, CDK 4/6 inhibitor, can now be prescribed in combination with an aromatase inhibitor or AstraZeneca’s (AZN - Free Report) Faslodex (fulvestrant) for the treatment of men with HR+, HER2- metastatic breast cancer. The approval for the expanded indication is based predominately on real-world data, a new approach to expanding the use of already approved innovative medicines.
Ibrance has been generating strong sales and is a key driver of the company’s top line. The drug generated sales of $4.1 billion in 2018. With the expanded label, the drug should bring in more sales
Shares of Pfizer have declined 2% so far this year against the industry’s 4.4% increase.
Ibrance is a key drug in Pfizer’s oncology portfolio. The company is exploring the possibility of expanding Ibrance into recurrent and subsequent early breast cancer as well as several non-breast cancer indications like pancreatic and head and neck cancers.
However, competition in the breast cancer market has risen with launch of Eli Lilly’s (LLY - Free Report) Verzenio and Novartis’ (NVS - Free Report) Kisqali in the past couple of years. Nonetheless, in key markets like the United States, Europe and Japan, Ibrance has maintained greater than 90% share of total CDK inhibitors class volume despite rising competition,.
Pfizer currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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