(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.
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