The world's largest drug-maker, Pfizer Inc and Bristol-Myers Squibb Co.'s highly touted experimental blood thinning drug, Eliquis, came up against a roadblock as it failed to gain approval from USA's Food and Drug Administration (FDA) for lack of more information on "data management and verification".
With Pfizer's cholesterol pill Lipitor and Bristol's blood thinner Plavix losing patent protection last year, the pharmacy majors' hopes of quickly recovering revenues were dashed as post the delayed approval, Eliquis will only be able to hit the markets next year.
A Bristol spokeswoman commented, "We are already working with the agency, and we are hopeful that the review of our submission can be completed within a shorter time frame."
Targeting patients with heart arrhythmia, the drug is expected to earn USD 2.5 billion a year in sales, ruling the blood thinner market.
The news hurt the shares prices of both the companies as Pfizer tripped 1.1 percent to USD 22.47 while Bristol-Myers fell 3.5 percent to USD 34.13 in New York.