Biotech Values

[mcbio]

It's incredible to me for a company PFE's size, the stock could drop almost 6% at one point today because of a simple abstract from one drug. Tofacitinib is not Lipitor. The forecast for tofacitinib is like $1B.

I don't exactly think the abstract for tofacitinib is exactly damning either. As noted in the PR, the mortality rate from all causes across the tofacitinib RA development program, is within the range of rates reported for biologic therapies for RA. So, I wouldn't expect that this news is going to lead to issues for the drug's approvability or acceptance in the marketplace. (I'm also surprised that RIGL ralled about 5% on this news.)