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Bad day for drug MNCs

Investors in pharmaceuticals were dealt a triple whammy on Friday as Pfizer, AstraZeneca and Eli Lilly all reported with bad news about key ...

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Investors in pharmaceuticals were dealt a triple whammy on Friday as Pfizer, AstraZeneca and Eli Lilly all reported with bad news about key products.

Pfizer saw its stock fall 17 per cent after trial data for its popular arthritis drug Celebrex showed an increased risk of heart attack.

AstraZeneca also said its lung cancer drug Iressa had failed to help patients live longer. Meanwhile, Eli Lilly announced it was adding a warning to the label of its attention deficit/hyperactivity disorder medicine Strattera. — Reuters

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