New Chief Revises Goals and Spending for Pfizer

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, to $19.22, helping lead the Dow Jones industrial average 1.25 percent higher, to 12,040.16. In an interview on Tuesday, Mr. Read promised that Pfizer would stopinvesting on hope,” and would focus its research on the most profitable ventures.

Read more at: http://mobile.nytimes.com/2011/02/02/health/02pfizer.xml

Posted in Around the Globe
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