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Wall Street Already Profiting From Bailout
"Pfizer turns attention to emerging markets" by Associated Press | September 23, 2008
TRENTON, N.J. - Pfizer Inc. is dramatically stepping up sales efforts in emerging markets, overhauling US business operations, and slashing more costs ahead of the 2011 patent loss for cholesterol blockbuster Lipitor, its head of pharmaceutical operations said yesterday.
Ian Read, speaking at the 2008 UBS Global Life Sciences conference in New York, told analysts and investors the company has reduced annual costs by $1.2 billion from 2006 levels and expects to meet its goal of cutting a total of $2 billion by year-end.
Most of the remaining reductions will come in the fourth quarter, he said, possibly signaling more job cuts.
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