Bristol-Myers (BMY), Pfizer (PFE) See $5B of Market Cap Evaporate Following CRL on ELIQUIS

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Shares of Bristol-Myers Squibb Company (NYSE: BMY) and Pfizer (NYSE: PFE) are getting hit following earlier news the FDA issued a Complete Response Letter for the New Drug Application for ELIQUIS (apixaban) for the prevention of stroke and systemic embolism in patients with nonvalvular atrial fibrillation. The CRL said more information would be needed on data management and verification from the ARISTOTLE trial.

While overall market pressure is certainly playing a key role, Bristol shares are down 3.6 percent while shares of Pfizer -- which never move -- are off 1.7 percent. Total market cap lost is roughly $5 billion in the morning session.

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