The European Medicines Agency has recommended against approval of Pfizer's (NYSE:PFE) new arthritis drug Xeljanz, which was approved by US FDA last year. Committee cites concerns about drug's efficacy and safety. ISI Group says the European component of Xeljanz represents 25% of sales, and failure to launch there would trim its EPS by up to 3% by 2017. Shares -2.5% AH.