Punny, and very true observation from Merrill Lynch’s Dave Risinger in his investor note this morning about Pfizer’s disappointing device. And so he’s dramatically lowering his US sales estimates to just $250 million by 2012, from a rosier $635 million. Actually, Pfizer’s management may need ventilators, given the pressures they face.

In any event, he captures Pfizer’s plight succintly: “Despite a full launch to endocrinologists last fall and to primary care docs in January, IMS Health data indicates that less than 1,500 total scrips are currrently being written each week.” Pfizer, meanwhile, is switching to its cardiovascular sales force this month, he adds.

By comparison, total scrips for Merck’s Januvia exceeded 20,000 a week three months after its recent launch. The top three Exubera issues, says Risinger: uncertainty about impact on the lungs from inhaling insulin over 10 years or more; a lack of managed care coverage, because Exubera is viewed as a convenience item with the same efficacy as injectible insulin, and the complexity and size.

Pfizer’s Jeff Kindler promises new DTC ads will be more responsible. Just this week, he debuted a new Celebrex ad that, while lengthy and dull, does emphasize risk. Selling Exubera to the public will be just as challenging. “It’s Not Really A Bong” isn’t a catchy slogan.

[tags]Exubera, Pfizer[/tags]