Pfizer Inc. said it agreed earlier this week to pay $894 million to settle most Celebrex and Bextra claims.
Pfizer said in a statement that it is taking an after-tax charge of $640 million against profit in the quarter to cover the settlement sum.
Pfizer said it plans to settle most lawsuits involving the painkillers Bextra and Celebrex. The large size of the settlement heightens the pressure to cut costs, because Pfizer’s blockbuster cholesterol drug, Lipitor, is losing market share and sales growth of its once-promising antismoking drug, Chantix, has slowed because of safety concerns.