Pfizer Inc. (NYSE:PFE) generates operational free cash flow of over $16 and $17 billion in 2006 and 2007, respectively. Expect Pfizer to deploy its cash flow to 1) in-license additional new product opportunities, 2) initiate additional share repurchases (a $5 billion buyback is ongoing), and 3) increase its dividend. Over the last six years (January 1999 to the present), Pfizer has repurchased more than $35 billion of its shares.
Cytogen Corp (CYTO) said an investigational new drug application for its lead therapeutic candidate targeting prostate-specific membrane antigen, CYT-500, has been approved by the Food and Drug Administration.
Pfizer (PFE) agreed to invest $25 million in Monogram Biosciences (MGRM). Pfizer said HIV/AIDS clinical trials for Maraviroc, its investigational CCR5 inhibitor drug candidate, have utilized Monogram's co-receptor tropism assay. Monogram posted a loss of $1.5 million, or a penny per share, for the latest quarter. Revenue rose 33% in the latest three months to $13.2 million from $10 million in the same period a year earlier.