Vioxx Charges Push Merck Into Quarterly Loss
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Merck posted a $1.63 billion fourth-quarter loss on Wednesday as  charges for its Vioxx litigation settlement dragged down results and share prices.
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Pharmaceutical giant Merck & Co. said Tuesday its fourth-quarter profit plunged 21 percent, mainly due to lost sales and a big reserve taken for legal defense costs over the withdrawal of its former blockbuster arthritis drug Vioxx.
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A New Jersey found on Monday that Merck & Co. Inc.'s  withdrawn arthritis drug Vioxx was responsible for a plaintiff's heart attack and awarded him $20 million in compensatory damages.
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Merck and Co  on Wednesday reported a fourth-quarter loss due to charges from a costly settlement related to its withdrawn Vioxx arthritis drug, but results soundly beat Wall Street forecasts and lifted its shares 2 percent.
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Shares of Merck (MRK) plunged more than 7% Monday after a report said the pharmaceutical giant apparently hid or denied evidence for years that its blockbuster arthritis drug Vioxx causes heart problems.
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Shares in US drug maker Merck tumbled nearly 10% on Monday after a press report suggesting the firm may have ignored problems with one of its drugs.
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Merck & Co. Inc.MRK.N, 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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Merck and Co. Inc. MRK.N on Tuesday  said fourth-quarter earnings fell 21 percent, hurt by the  withdrawal last September of its blockbuster arthritis drug  Vioxx and related charges.
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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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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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Shares of Merck plunged nearly 27 percent yesterday on news that the pharmaceutical giant was pulling the popular arthritis pain medication Vioxx off the market in the largest drug withdrawal in US history.
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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's side effects -- lawsuits that threaten to further damage the company's finances and reputation.
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Bristol-Myers Squibb Co  reported a quarterly loss on Thursday due to special charges, including a $275 million write-down from the credit crisis spreading through corporate America.
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Walloped by charges, Boston Scientific posts a loss for the quarter.
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Shares of Merck &amp; Co. plunged nearly 27 percent yesterday, pulling other stocks down with it, after the pharmaceutical giant yanked its Vioxx arthritis drug off the market because of heart safety concerns.
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The withdrawal of painkiller Vioxx means Merck &amp; Co. will miss the already diminished expectations of Wall Street analysts for 2005, the huge drug maker said Wednesday.
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A New Jersey jury on Monday ordered Merck & Co.  to pay $27.5 million in punitive damages after finding that the drugmaker was willful and reckless in promoting arthritis medicine Vioxx, which has since been withdrawn.