Ahead of the Bell

Mr. Scala in article states doubts Prestiq has been approved. Find article under resent articles wye page

Cowen Co. analyst Steve Scala was skeptical Pristiq would gain approval, writing in a note to investors about the drug's "undistinguished effectiveness" and possible lingering safety concerns at the FDA.

Last July, FDA scientists rebuffed Wyeth's application request, citing a need for more data on Pristiq's effects on the heart and liver. A study from Wyeth showed two women taking Pristiq had heart attacks and three needed procedures to repair clogged arteries, compared with none in the group taking placebos.

FDA said the company must conduct a new clinical trial of one year or longer, meaning Wyeth likely won't get Pristiq approved as a menopause drug until mid-2009 at the earliest.

Just Great. Wyeth finally admits Bifeprunox is never coming to market and endsthe failed Sovay collaboration. More setbacks for the "best pipeline in the industry". When is Ruffolo going to get fired. Instead he cashes in millions of options last year when the stock was at its peek. He had to know something. There should be an FTC investigation.

Ruffolo owes me money.

Lesson's From Essner's Downfall: Excess Hype
http://money.cnn.com/2007/10/01/news...ion=2007100116
Excerpt;

Straightforward, stout and sporting a gray beard, Essner exudes a grandfatherly sense of calm. But, while he is hardly a Steve Jobs-like hypemeister, he's been trumpeting Wyeth's pipeline over the last three or so years, including the three drugs recently held up by the FDA: Pritiq, an antidepressant; the antipsychotic bifeprunox; and Vivant, an osteoporosis treatment.

Wyeth's pipeline appeared plentiful. Essner, with the help of chief scientist Robert Ruffolo, had revamped the company's labs, and Wyeth's scientists were investigating more compounds than many of its peers.

Investors took the bait, driving Wyeth's stock up 55 percent from October 2004 to June, when it hit an all-time high of $58 a share. Investors were hopeful that the upcoming drugs would help Wyeth offset the loss of patent protection for two of its top-selling drugs - the antidepressant known as Effexor XR and Protonix, an antacid medicine.

Both medications, which accounted for more than a quarter of Wyeth's $20.3 billion in 2006 revenues, could face generic competition as soon as 2010.

With Wyeth's recent FDA rejections, investors woke up to the fact that the company's pipeline won't be able to make up for the coming patent losses.

Meanwhile, the drugmaker’s board is treating ceo Bob Essner well. Last year, Bob took home $1.7 million in salary, $18.2 million in stock awards, $5.3 million in options awards and another $3 million in an incentive plan.
Bob also clocked flying time in corporate aircraft that was valued at more than $41,000 and another $13,500 was spent chauffering him around. The board, in fact, requires Bob and Bernie Poussot, the vice chair, to use aircraft for security and convenience. Bernie travels more, so he racked up flying time worth nearly $95,000, but only $2,500 in limos. He must not get to the office very much.

http://www.pharmalot.com/2007/03/wye...2m_pay_packag/