Generic Drugs, Merck Spark Turnaround
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Generic drug wars and speculation on who will head Merck &amp; Co. next started to turn drug makers&#39; stocks around after the sector&#39;s benchmark index fell 4 percent and hit a 52-week low last week.
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Vioxx was already a big success as an arthritis pain reliever, but Merck &amp; Co. thought it could be an even bigger seller. The drug seemed to have some cancer-prevention qualities
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Now that Merck &amp; Co.&#39;s $2.5 billion annual revenues from anti-inflammatory COX-2 inhibitor VIOXXÂ® are history, the next question is what happens to the even greater amount of money ($3.
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WASHINGTON -- Some influential members of Congress are renewing their pledge to help speed generic versions of the world's most expensive drugs to market.
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Now that Merck has removed Vioxx from the market, drugs in the same class - both available and awaiting approval - are undergoing renewed scrutiny.
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NEW YORK - The withdrawal of the arthritis drug Vioxx two weeks ago was a disaster for Merck. But it also put rival Pfizer in a fix.
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The Toronto stock market posted a small gain today, pushed higher by the gold sector, but drug company Merck &amp; Co. took the Dow Jones industrial average into the red after taking its arthritis drug Vioxx off the market.
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An Indian drug maker, Ranbaxy Laboratories, said it had submitted a bid for the generics unit of the German drug maker Merck but did not disclose how much it was offering. Analysts say Merckâs generics unit could be worth as much as 5 billion euros ($6.6 billion). Merck said last month that it had started contacting companies that might be interested in acquiring its generics drugs unit. Two companies, Ranbaxy and the Actavis Group of Iceland, have publicly expressed an interest. Merck is based in Darmstadt.
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Charges hurt the quarterly results of  Johnson & Johnson, Merck & Co. and Schering-Plough Corp., but  the drugmakers' shares rose as J&J's earnings beat Wall Street  forecasts and Merck sales edged higher despite the withdrawal  of its best-selling Vioxx arthritis drug.
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The troubled pharmaceutical company begins to show signs of life.
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U.S. prescription drug sales rose 8.3 percent to $274 billion last year, fueled by the Medicare drug benefit, increased use of generic medicines and new treatments for diseases such as cancer and diabetes, according to a new report.
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The British drugmaker looks to regain momentum this year.
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The generics drugmaker forecasts its 2008 financials.
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Wyeth launches a generic version of its own drug.
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Strong sales of new vaccines and treatments help US drugs group Merck unveil a sharp rise in quarterly profits.
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Merck & Co.  on Wednesday stood  by its forecast of flat earnings for 2006 and projected  slightly higher 2007 results, in line with Wall Street  expectations, as the drugmaker grapples with generic  competition for a number of its medicines.
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It moves manufacturing back to India and moves forward with OTC generic drugs.