Pfizer, the drug maker, announced plans Tuesday to slash its research spending by as much as $2.9 billion in the next two years, including closing the English labs that invented Viagra.The company stock soared 5.5 percent on Tuesday, À $19.22, helping lead the Dow Jones industrial average 1.25 percent higher, À 12,040.16. In an interview on Tuesday, Mr. Read promised that Pfizer would stop “investing on hope,” and would focus its research on the most profitable ventures.
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