Pfizer reduces R&D commitment, unveils new priorities
This article was originally published in Scrip
Executive Summary
Along with announcing financial results for 2010 that were slightly better than the investment community had expected, Pfizer unveiled new priorities that will slice its research and development commitment in the years ahead. "We expect to reduce adjusted R&D expenses to approximately $6.5 to $7 billion in 2012 compared with our previous target of $8 to $8.5 billion," CEO Ian Read announced in a statement.