Pfizer Cholesterol Drug Increased Blood Pressure

Pfizer Inc. (PFE) said preliminary results from its Phase III trial of torcetrapib and Lipitor showed a 56% increase in HDL cholesterol and a 27% decrease in LDL cholesterol, but also an increase in blood pressure greater than that in previous studies.

However, analysts said that, while the increase in blood pressure should be examined, torcetrapib and Lipitor have potential to be very effective together.

Pfizer shares were recently down 74 cents, or 2.7%, at $26.47, on volume of 53 million shares, compared with average daily volume of 28 million.

According to an analyst note from Chris Schott of Banc of America Securities LLC, while "the mix of data confirms our belief that Pfizer has a potentially very efficacious product on their hands," morbidity and mortality data will probably be necessary for the product to be approved. Those data are expected in 2007.

Associates of Banc of America hold shares of Pfizer.

The drug company said patients in the group showed an average increase in systolic blood pressure that was about one millimeter of mercury above the two-to-three millimeter range observed in Phase II studies.

Pfizer said it doesn't believe this will alter the "favorable clinical profile" of torcetrapib and Lipitor to treat cardiovascular disease.

In a note, analyst James Kelly of Goldman Sachs & Co. (GS) said "we believe that these data are concerning, but must be put into context." He said without baseline blood pressure levels, "it's not known if the higher blood pressure is clinically relevant."

Goldman Sachs said the analyst, a member of his team or a member of the research analyst's household has a financial interest in Pfizer.

Analyst Timothy Anderson of Prudential Equity Group LLC said "directionally, this slight increase in blood pressure is negative, but at the end of the day we don't think it changes the equation: It will continue to come down to how robust the efficacy data is from the two sets of ultrasound trials Pfizer is running," to be reported in March.

Pfizer cautioned the studies are "far from complete," adding the early results cover less than 25% of all the patients in the entire clinical program. It said no final conclusions on the efficacy and safety of torcetrapib/atorvastatin can be drawn until the lipid and imaging studies, and the accompanying statistical analysis, are completed.