Merck planning additional cuts
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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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By Christopher Bowe and Andrew Jack in Whitehouse Station, New Jersey. Merck has quickened the pace of its restructuring with plans to cut a further 700 jobs, targeting about $3bn in savings by the end of 2008
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Sanofi-Aventis said it planned additional discussions with the F.D.A. after it was told that it should not continue marketing the antibiotic Ketek.
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A Wall Street analysis suggests the Vioxx recall may cost the pharmaceutical firm Merck as much as $18 billion over the next decade.
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TRENTON, N.J. - Pharmaceutical giant Merck & Co...
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Drug giant Merck says the Food and Drug Administration wants more information, but is prepared to approve the company&#39;s successor drug to recalled pain reliever Vioxx.
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Merck adopted the plan at a time that its stock is down sharply and its ability to thrive as an independent company is uncertain.
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NEW YORK - Already wounded by the withdrawal of its Vioxx pain reliever from the market, Merck &amp; Co. must now contend with hundreds of lawsuits over the drug&#39;s side effects - lawsuits that threaten to further damage the company&#39;s finances and reputation.
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The Food and Drug Administration told Merck &amp; Co. that it requires further safety and efficacy data before it will approve its successor drug to now defunct pain reliever Vioxx, the pharmaceutical maker announced Friday.
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With its stock plunging, drug giant Merck has adopted a plan that could give top executives big bonuses if the company is taken over.
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When Raymond Gilmartin became chairman of the drug maker Merck, it was close to introducing several new medicines. Now, the company is in crisis.
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With its stock down sharply and its ability to thrive as an independent company uncertain, Merck has adopted a special plan that will give its top executives big bonuses if the company is taken over.
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Merck &amp; Co Inc. on Thursday pulled its arthritis drug Vioxx off the market after a study showed it doubled the risk of heart attack and stroke, a move that sent its
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Merck said that it would stop selling Vioxx because a study found that it doubled patients' risk of heart attack and strokes.
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Cardinal Health, the drug wholesaler, said Monday it would cut 4,200 jobs, or 7 percent of its work force, and close 25 manufacturing and distribution locations as part of a plan to reduce costs.
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Drug wholesaler Cardinal Health Inc. Monday set a three-year restructuring plan that involves cutting jobs, closing 25 facilities and buying back $500 million in stock.
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Merck &amp; Co., seeking to keep managers from leaving after the withdrawal of its Vioxx painkiller, adopted a plan to give severance payments to more than 200 executives should control of the company change.