booger
12-09-2004, 01:25 PM
http://abcnews.go.com/Health/wireStory?id=315281
Baxter Ends Flu Vaccine Trial; Cites Side Effects
Dec 9, 2004 — CHICAGO (Reuters) - Baxter International Inc. on Thursday said it halted a late-stage European trial of a flu vaccine because of higher-than-expected rates of fever and other symptoms.
The health-care products company said it has put further clinical studies for the vaccine, dubbed Preflucel, on hold while it analyzes data from the trial.
Deerfield, Illinois-based Baxter said preliminary data from the trial found the rate of fever and associated symptoms with its vaccine were higher when compared with other vaccines on the market.
The setback comes as U.S. officials scramble to find more flu vaccine to deal with a shortage following contamination at a Chiron Corp. plant in Britain. U.S. officials earlier this week said they would buy up to 4 million doses of a GlaxoSmithKline Plc vaccine.
Vaccine batches are made on a yearly basis and demand is unpredictable, making the business less profitable than traditional pharmaceuticals. Just a handful of drugmakers remain that make vaccines.
"Given the choppiness of the revenues related to the vaccine contracts, and the high degree of capital and clinical trial investment required, we would like to see Baxter divest this business," Glenn Reicin, a Morgan Stanley analyst, said in an investor note on Thursday.
J.P. Morgan analyst Mike Weinstein had predicted $85 million in sales for Preflucel in 2007 and $180 million in 2008. He said the trial suspension would cut the bank's 2007 and 2008 earnings forecasts for the company by 3 cents and 8 cents respectively.
But he said that could be offset by ongoing company reductions.
Shares of Baxter were down 40 cents, or 1.3 percent, to $31.72 in midday trade on the New York Stock Exchange.
Copyright 2004 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Baxter Ends Flu Vaccine Trial; Cites Side Effects
Dec 9, 2004 — CHICAGO (Reuters) - Baxter International Inc. on Thursday said it halted a late-stage European trial of a flu vaccine because of higher-than-expected rates of fever and other symptoms.
The health-care products company said it has put further clinical studies for the vaccine, dubbed Preflucel, on hold while it analyzes data from the trial.
Deerfield, Illinois-based Baxter said preliminary data from the trial found the rate of fever and associated symptoms with its vaccine were higher when compared with other vaccines on the market.
The setback comes as U.S. officials scramble to find more flu vaccine to deal with a shortage following contamination at a Chiron Corp. plant in Britain. U.S. officials earlier this week said they would buy up to 4 million doses of a GlaxoSmithKline Plc vaccine.
Vaccine batches are made on a yearly basis and demand is unpredictable, making the business less profitable than traditional pharmaceuticals. Just a handful of drugmakers remain that make vaccines.
"Given the choppiness of the revenues related to the vaccine contracts, and the high degree of capital and clinical trial investment required, we would like to see Baxter divest this business," Glenn Reicin, a Morgan Stanley analyst, said in an investor note on Thursday.
J.P. Morgan analyst Mike Weinstein had predicted $85 million in sales for Preflucel in 2007 and $180 million in 2008. He said the trial suspension would cut the bank's 2007 and 2008 earnings forecasts for the company by 3 cents and 8 cents respectively.
But he said that could be offset by ongoing company reductions.
Shares of Baxter were down 40 cents, or 1.3 percent, to $31.72 in midday trade on the New York Stock Exchange.
Copyright 2004 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.