Merck Sees '05 Earnings Decline, Stock Up
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Merck & Co. Inc. MRK.N, reeling from  the recent withdrawal of its Vioxx arthritis drug, on Wednesday  said 2005 earnings will decline to levels below Wall Street  expectations, the third straight year of lower results.
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U.S. stocks traded higher on  Wednesday, with shares of drugmaker Merck & Co. MRK.N helping  to boost the Dow after its 2005 forecast offered relief to some  investors on Wall Street.
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Pharmaceutical giant Merck &amp; Co. , under siege because of lost revenues from its recalled blockbuster arthritis drug Vioxx, will cut about 5,100 jobs by year's end, 700 more than originally planned, and will slash hundreds of millions of dollars in spending, chairman and chief executive Raymond V. Gilmartin said yesterday.
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The withdrawal of painkiller Vioxx will reduce 2005 earnings of Merck &amp; Co. Inc. to between $2.42 and $2.52 a share, below the already diminished expectations of Wall Street analysts, the huge drug maker said Wednesday.
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Merck & Co. MRK.N on Thursday said  its third-quarter profit fell, hurt by big charges for the  recall of the company's Vioxx arthritis drug in late September  after it was linked to heart attacks and strokes.
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Merck & Co.  on Monday said its  second-quarter earnings more than doubled on growing demand for  its drugs, blowing past Wall Street expectations, and raised  its full-year profit forecast.
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Merck & Co  reported a better-than-expected profit on Monday, helped by sales of its vaccines and cholesterol drugs, and raised its 2007 profit forecast.
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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.  said on Monday that quarterly earnings rose 12 percent on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4 percent.
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Merck & Co. on Monday said second-quarter earnings rose on higher sales of its new vaccines and medicines, and the company raised its 2007 profit forecast amid continuing strong demand for the medicines.
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The company reports mediocre earnings as investors remain nervous about the drug sector.
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NEW YORK - Wall Street closed out a dismal third quarter with a mixed performance Thursday after Merck &amp; Co. said it would be forced to remove its best-selling Vioxx arthritis drug from the market.
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Stock futures rose on Monday as deal news and stronger-than-expected profits from drug maker Merck & Co.  and others eased anxiety about earnings, which led to Friday's sell-off.
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Merck (nyse: MRK - news - people ) will conduct its annual analyst meeting tomorrow. The drug company is expected to provide information regarding liabilities for potential Vioxx-related lawsuits.
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TRENTON, N.J. -- Shares of drug maker Merck &amp; Co. dropped 2.5 percent in heavy trading yesterday, a day after medical journal reports offered fresh ammunition to patients suing over its withdrawn painkiller 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.
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The big drug maker yesterday told Wall Street that the recent withdrawal of its Vioxx painkiller will dampen 2005 earnings even more than previously expected.