Pfizer Inc.’s experimental pill for rheumatoid arthritis was as effective as Humira from Abbott Laboratories and showed no new side effects in study results the company plans to submit for U.S. approval this year.
Merck & Co., facing generic competition in August to its top-selling asthma drug Singulair, reported second-quarter profit that beat analyst estimates on higher sales of the diabetes medicines Januvia and Janumet.
Pfizer Inc., the world’s biggest drugmaker, narrowed its 2012 forecast after reporting third- quarter earnings that met analyst estimates and sales that fell short of expectations. The company also said it was buying back as much as $10 billion in shares.
Abbott Laboratories, which plans to separate into two companies, said the tax rates of the new companies will rise in order to support the higher dividend payouts after the split. The shares fell the most in 14 months.