UPDATE 2-Pfizer says Sutent breast cancer trials fail

* 2 Sutent breast cancer trials fail to meet goals

* Figitumumab lung cancer trial stopped (Adds background, share price)

LOS ANGELES, March 11 (Reuters) - Pfizer Inc (PFE.N) said on Thursday that two late-stage breast cancer trials involving its cancer drug Sutent failed to meet their goals and it has stopped a pivotal lung cancer trial of experimental drug figitumumab.

Pfizer said outside monitors concluded that the Phase 3 trial of figitumumab in patients with previously treated advanced non-small cell lung cancer was unlikely to show that the drug was effective.

The world's largest drugmaker is seeking new medicines as patents begin to expire on many of its top-selling products.

The company, which had stopped a different lung cancer trial of figitumumab in December, said it is continuing to study the antibody drug for treatment of prostate, breast and lung cancers as well as Ewing's sarcoma.

Pfizer said it was "disappointed" in the Sutent trial results, but but it remains committed to exploring new therapies for breast cancer and to studying Sutent as a treatment for other solid tumors.

A late-stage trial of Sutent as a treatment for advanced colon cancer was stopped last year after the drug was deemed to be no more effective than standard chemotherapy.

Sutent, known chemically as sunitinib, is currently approved to treat advanced kidney cancer and gastrointestinal stromal tumor, a cancer of the digestive system.

Shares of Pfizer, which closed at $17.29, were down a fraction at $17.20 in after hours trading. (Reporting by Deena Beasley; editing by Carol Bishopric)