Pfizer’s abrupt withdrawal of Oxbryta, a drug for sickle cell disease, has sent shockwaves through the medical community.

After Pfizer withdrew its sickle cell drug from the market, patients with the condition and their doctors were left scrambling to figure out what to do.

Pfizer's decision late on Wednesday to withdraw its sickle cell disease treatment due to the risk of death could help speed up trials of new experimental rivals, Wall Street analysts said.

The healthcare company said clinical data indicates the overall benefit of Oxbryta no longer outweighs the risk in the approved sickle cell patient population.

Based on new safety signals, Pfizer on Wednesday announced that Oxbryta’s overall benefit “no longer outweighs the risk” in patients with sickle cell disease. Guggenheim Securities analysts said the setback increases investor frustrations with the company’s business development track record.

Pfizer has announced the withdrawal of all lots of OXBRYTA approved for treating sickle cell disease (SCD) from worldwide markets.

Pfizer will voluntarily pull its sickle cell disease (SCD) drug Oxbryta from all markets worldwide, a major blow to a $5.4 billion acquisition the New York pharma made two years ago. | Pfizer will voluntarily pull its sickle cell disease drug Oxbryta from all markets worldwide,

The company said benefits no longer outweighed the risks, with data suggesting the drug might increase the risk of pain crises and "fatal events."

The withdrawal comes as trial results indicate safety concerns with the drug, Oxbryta, which was first approved in the U.S. in 2019.