Pfizer's radical R&D cutbacks to continue in 2013

Pfizer ($PFE) may be a bit behind schedule, but it's on track to hack its R&D budget to the $6.5 billion-to-$7 billion target laid out in a radical restructuring plan. The company's research spending dropped to $7.8 billion in 2012, down from $9.4 billion in 2010. Another $1.3 billion is on the chopping block this year. Report