As Pfiz­er kills failed PhI­II pro­grams for Baven­cio, where do they go from here in R&D?

Pfiz­er man­aged to dis­ap­point just about every­one this morn­ing with its full-year out­look as gener­ic com­pe­ti­tion eats in­to their big fran­chise rev­enue streams. For a com­pa­ny that has long prid­ed it­self on the num­bers, it was a telling set­back that fol­lows a wide-rang­ing re­or­ga­ni­za­tion plan that is culling staff and elim­i­nat­ing seg­ments of R&D.

Shares were down close to 3% Tues­day morn­ing, ahead of the open­ing bell.

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