SPOTLIGHT: Big Pharma making big cuts

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Johnson & Johnson is just one of many Pharma companies to announce big layoffs. In a company-wide restructuring, J&J said it would cut 4,800 jobs--and this was after 10,000 layoffs at Pfizer, 7,000 at Merck and 7,600 at AstraZeneca. The industry's been beleaguered by competition from generics and thin R&D pipelines, but some analysts blame Wall Street's unrealistic expectations for constant, double-digit earnings growth. Report