Pfizer Dropping Heart Drugs; Focus on Cancer

Updated from 3:30 a.m. EDT.

Pfizer (PFE Quote) on Monday said it met its near-term goal for beefing up its late-stage pipeline and will focus on its eight cancer programs and other "high-potential" areas.

The company, which is targeting between 15 and 20 regulatory submissions between 2010 and 2012, said the majority of advances have been in oncology, pain, inflammation, diabetes, Alzheimer's disease and schizophrenia.

The Wall Street Journal reported late Monday that Pfizer would not develop newer products for heart disease, obesity and bone health. Such a move is a shift for Pfizer whose highest earner has been cholesterol drug Lipitor, a product that faces patent expiration in 2011. ...