Wall Street Journal -- The new leaders of the world’s two biggest drug companies made divergent choices this week in balancing the billions of dollars they spend on drug research against pressure to deliver better returns for investors. Pfizer Inc. (PFE) Chief Executive Ian Read has chosen to slash research-and-development spending by nearly one-third by 2012, allowing Pfizer to spend more on stock buybacks and preserve the company’s long-term profit target.
