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From Pharmalot

The Nevada Supreme Court has upheld a $58 million judgment that was awarded to three Nevada women, who claimed they suffered breast cancer after taking the Prempro hormone replacement therapy made by Wyeth, which is now owned by Pfizer (PFE). The ruling confirms a 2007 decision in favor of Arlene Rowatt, Jeraldine Scofield and Pamela Forrester, who were originally awarded $134 million, but that was later reduced by the trial judge (back story here and here). Forrester and Rowatt, however, have reportedly since passed away.

In explaining the 6-0 decision, Justice Michael Cherry wrote noted that studies dating back to the 1980s found links between breast cancer and the drug. Yet, he wrote, “internal Wyeth documents show that it responded to studies suggesting a possible breast cancer risk by downplaying the risk through public relations campaigns and its sales representatives’ interactions with physicians” (read the ruling here).

The treatment had been widely used until the 2002 Women’s Health Initiative study, which was sponsored by the National Institutes of Health, found that women taking Prempro had a 24 percent higher risk of breast cancer. Sales, subsequently, plummeted. Meanwhile, Cherry noted that Wyeth never conducted its own study to explore the risks.

“The harm caused in this case was physical – breast cancer and its resulting surgeries and treatment. Wyeth’s misrepresentations and concealment of data showed reckless disregard for the health and safety of the users of its drugs. The harm suffered by respondents was the result of Wyeth’s malicious activities and deceit. Over the years, Wyeth organized task forces to contain any negative publicity about hormone therapy and breast cancer,” he wrote.

Pfizer has now lost seven of a dozen cases that have gone to juries, although this was the first in which the drugmaker was ordered to pay punitive damages. Several verdicts against the drugmaker were later thrown out. Another 8,000 or so are still pending and about 3,000 have been dismissed before reaching trial.

Pfizer Stock Price, Book Value & Reproduction Cost Over Last 10 Years

Disclosure: None

Happy trading,

Curt