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Pfizer Announces Fourth-Quarter Earnings, Planning Cuts to Research

Photo Courtesy - Getty Images(NEW YORK) -  Drugmaker Pfizer announced fourth-quarter earnings Tuesday and said it plans to cut research in order to maintain per share earnings for 2012.

Fourth-quarter sales in 2010 met expectations with revenues of $17.6 billion. Total revenue for the year ended at $67.8 billion. The company, however, lowered its 2012 sales forecast by three percent, or approximately $2 billion, but promised to maintain 2012 earnings per share forecasts with further cuts to research.

Pfizer plans to cut its research and development budget by roughly $2 billion dollars, down to approximately $6.5 billion from $8.5 billion.

Cuts will include closing a research laboratory in Sandwich, U.K., that employs close to 2,400 people. According to the BBC, the site performs research and development on allergy and respiratory drugs.

Copyright 2011 ABC News Radio

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