Around 5,530 employees will be cut from the Research and Development area and in the US, big losses in Connecticut. Lipitor is due to come off patent near the end of this year so sales will be impacted there. Lipitor has not been without issues 
either this last year as many bottles stunk.
Pfizer Recalls More Stinky 19,000 Lipitor Bottles
There was one bit of good news though if you want to chew your Lipitor and I think the patent goes on a little further this delivery system.
Pfizer “Chewable” Lipitor Approved by EU For Treating Children 10 Years Old and Up
The new CEO is making cuts and has the industry’s larges R and D budget by comparison. In Sandwich, England one facility is slated to be closed with around 2,000 jobs to go. In Groton, Connecticut about 1000 employees will go with a few hundred going to Massachusetts. The company will also buy back $5 billion in shares. Once Pfizer bought Wyeth and everyone sort knew at some point there would be some further consolidation of plants and jobs. BD
NEW YORK (Dow Jones)--Pfizer Inc. (PFE) said it would significantly reduce research spending and shift billions of dollars to buying back stock as the drug maker deals with the expected revenue decline in upcoming years from generic competition.
The moves, announced Tuesday along with the company's fourth-quarter results, signal that the more than $70 billion paid by the New York company for Wyeth and King Pharmaceuticals won't be enough to overcome recent pipeline setbacks and the sales-eroding generic competition for its blockbuster cholesterol-lowering pill Lipitor.
In an acknowledgement that its research-and-development efforts haven't been very productive, Pfizer said it would spend up to 23.5% less on R&D in 2012 than previously planned, through closing a site in the U.K. and exiting research in urology and other disease areas.
3rd UPDATE: Pfizer Realigns Strategy As Generic Rivals Loom - WSJ.com
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