Even Defensive Names Take Hits.

The article reports on the multiyear low trading of pharmaceutical firms Pfizer Inc. and Merck & Co. in 2008. It mentions that their poor performance appeared odd in a defensive sector to which investors turn to for its safe plays since consumers need prescription drugs regardless of economic conditions. Pfizer dropped to its 11-year low on June 20 while Merck traded at its worst levels in the previous week. It notes that the struggle of large pharmaceutical firms came with the expiration of patents for their drugs.