Pfizer Inc.'s new CEO on Tuesday outlined plans to reduce the company's spending and work force and focus more sharply on promising drugs as it faces slowing sales of some of its blockbuster medicines.
In the latest quarter, a tax benefit and rising sales from products gained in its Wyeth acquisition helped Pfizer just beat Wall Street expectations. Profits nearly quadrupled, compared to a 2009 quarter hurt by big restructuring charges, but overall sales are slowing and the company said its revenue will drop next year.
Still, shares rose more than 5 percent Tuesday as Chief Executive Ian Read announced a $5 billion stock buyback and an ambitious overhaul of operations that …
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