Reversing a strategy that had drawn criticism from doctors, Pfizer says that it will apply for approval to sell a promising new heart treatment as a standalone pill — rather than only in combination with Lipitor, Pfizer’s best-selling cholesterol treatment. The new drug, torcetrapib, is still being tested in clinical trials and is at least 18 months from federal approval. But cardiologists say it has the potential to become a significant new treatment for heart disease. Clinical trials show that torcetrapib substantially raises the levels of so-called good cholesterol, a novel approach to preventing heart attacks and strokes. Wall Street...