Pfizer Inc. (PFE), the world’s largest drugmaker, put in place the last piece of its plan to refocus the company on developing new drugs, announcing it would start the separation of its animal-health business this month. As the drugmaker spins off the unit and makes deep spending cuts, Chief Executive Officer Ian Read has set the stage for Pfizer’s future without Lipitor, the drug that dominated the company’s sales until this year after losing market exclusivity. Top on the agenda is making New York-based Pfizer better at turning out innovative new medicines, he said.
