In an update Tuesday, Pfizer said it is discontinuing 15 of the projects in its development pipeline. The news comes a month after the world's largest pharmaceutical company announced large research and development cuts were on the way.
Pfizer beat Wall Street expectations by a slim margin as its profits nearly quadrupled, compared to a 2009 quarter hurt by big restructuring charges. Shares rose more than 5% even though the company warned that revenue is slowing and it plans to cut its workforce.
According to the latest leaked U.S. diplomatic cables from WikiLeaks, Pfizer hired investigators to try to uncover evidence of corruption in order to pressure the Nigerian attorney general to drop the case against it.
Wyeth Pharmecuticals on Wednesday lost its appeal of a decision that awarded $58 million in damages to three women who claimed the company's hormone-replacement drugs caused their breast cancer. The news could bode badly for the Pfizer-owned company, which has thousands of such cases pending.
