Merck Cuts More Jobs as Earnings Decline
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Merck & Co. Inc. MRK.N, whose  earnings are being hurt by the withdrawal of its arthritis drug  Vioxx, said on Tuesday it has increased the number of jobs to  be cut by year-end to 5,100 from 4,400.
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Merck &amp; Co. Inc.(MRK), reeling from the recent withdrawal of its Vioxx arthritis drug, said Wednesday it expects 2005 earnings of $2.42 to $2.52 a share -- a decline from expected 2004 results.
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NEW YORK - Investors sent stocks mostly lower Thursday after Merck & Co. said it would be forced to remove one of its best-selling arthritis drugs from the market due to serious health risks...
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Shares of Merck &amp; Co. plunged Monday after a news report suggested that the company knew about risks associated with its recently recalled Vioxx arthritis medication and tried to cover them up.
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GlaxoSmithKline said it would cut jobs as part of a cost-savings plan after a sharp drop in sales of its diabetes drug and generic competition led to a 5.8 percent drop in profits.
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The U.S. Dow Jones Industrial average  declined on Thursday after drug maker Merck & Co.MRK.N  recalled its widely sold Vioxx painkiller and its stock sunk 27  percent.
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Merck & Co.  on Thursday said its third-quarter profit fell, hurt by negative effects of the recall last month of its Vioxx arthritis drug.
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Merck reported that fourth-quarter profit plunged 58 percent despite higher revenue as the company took charges for revamping costs, an acquisition and legal reserves.
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Merck & Co. Inc. MRK.N will increase  the number of jobs cut to 5,100 by year end, up from an  original target of 4,400 because its earnings have been hurt by  the withdrawal of its arthritis drug Vioxx.
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Merck &amp; Co. forecast higher profit next year as it cuts jobs and boosts revenue through sales of a new diabetes drug and cervical cancer vaccine.
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Slashed earnings estimate pulls down shares.
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NEW YORK - Wall Street closed out a dismal third quarter with a mixed performance Thursday after Merck & Co. said it would be forced to remove its best-selling Vioxx arthritis drug from the market...
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Merck & Co. Inc. MRK.N, whose shares  have tumbled since the withdrawal of its blockbuster arthritis  drug Vioxx, said on Monday it has adopted a severance benefits  plan aimed at protecting key managers in the event the company  is taken over or liquidated.
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Merck (MRK), under siege because of lost revenue from its recalled blockbuster arthritis drug Vioxx, will cut about 5,100 jobs by year end, more than planned, and will slash hundreds of millions of dollars in spending, Chairman
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Merck & Co. MRK.N and two other U.S.  drugmakers posted weak third-quarter results on Thursday, hurt  by intensifying competition and the loss of sales from drugs  found to be potentially dangerous.
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Drugs giant Merck and Co. shares plunged nearly 10 percent as the Wall Street Journal said the firm had fought for years to minimize the risks in its blockbuster pain drug Vioxx.
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Merck &amp; Co.'s decision to pull its widely prescribed drug Vioxx off the shelves yesterday because of a risk of stroke and heart attacks marked a new low for a pharmaceutical company that has suffered a steady decline in both market position and prestige over the last decade.