Ahead of the Bell: Pfizer

New York-based Pfizer's products include the cholesterol drug Lipitor, the world's top-selling pharmaceutical product with quarterly sales of $3 billion. The Wall Street Journal reported that Pfizer will complete development of late stage drug candidates for those diseases, but will not develop newer products.

Faced with growing competition from generic drugs and a decrease in research and development revenue brought on by weakness in the U.S. economy, Pfizer is reportedly reorganizing into more autonomous business units that will bear greater responsibility for their own profits and losses.

The company, which also make the osteoarthritis treatment Celebrex, did not immediately return calls seeking comment.

In recent months, Pfizer shares have been trading at their lowest levels since 1997.