Merck's announcement that it is shelving its two vaccine candidates "marks a shocking setback for one of the most storied vaccine makers."
The company said 50 million doses of its two-shot vaccine could be available globally by the end of 2020.
The initial 100 million doses ordered is valued at $1.95 billion.
The combined company, which will sell Mylan’s EpiPen and Pfizer’s Viagra, could draw annual sales of more than $20 billion.
Sales from Pfizer's innovative health division were particularly strong in the second quarter, with anti-smoking drug Chantix up 8% to $8.2 billion.
Each year dozens of shareholder proposals seek to quash potential conflicts of interest by calling for an independent chair. But they hardly ever pass.
The company also announced it would defer drug price hikes, following pressure from President Donald Trump.
The 3% drop in the share price appears to reflect the company's estimate of a 2018 tax rate of 17%, which is higher than investors anticipated.
The drug maker cites headwinds from losses of market exclusivity for the 14% drop in Essential Health revenues.
Participants and the CFOs who send them to the program express passion for the development of future finance leaders.
Five top finance chiefs tell how they got where they are, and what their potential successors need to do.
The $14 billion acquisition would add the best-selling prostate cancer drug Xtandi to Pfizer's growing oncology portfolio.
