Merck Profit Falls, Hurt by Vioxx Recall
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Merck & Co. MRK.N on Thursday  reported a 28 percent drop in quarterly profit and said 2004  earnings will fall as much as 11 percent due to last month's  recall of its Vioxx arthritis drug.
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Merck & Co. Inc., reeling from the recent withdrawal of its Vioxx arthritis drug, said Wednesday it expects 2005 earnings of &#36;2.42 to &#36;2.52 a share -- a decline from expected 2004 results.
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Shares of Merck and Co. plunged nearly 27 percent Thursday 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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The Dow Jones Industrial Average dropped after Merck &amp; Co. withdrew the Vioxx painkiller and retracted its third-quarter profit forecast.
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Pharmaceutical giant Merck &amp; Co., under siege over revenues lost since it recalled arthritis drug Vioxx, will have cut about 5,100 jobs by year&#39;s end, 700 more than first planned, and will slash costs by $2.4 billion over four years, chairman and CEO
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WASHINGTON : Drugs giant Merck and Co.&#39;s shares slumped after the firm revealed civil and criminal investigations into the sale of its pain drug Vioxx.
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In New York, the blue-chip Dow Jones average fell on Thursday after drug maker Merck &amp; Co withdrew its widely used Vioxx painkiller after evidence showed the drug could increase risk of heart attack and stroke.
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Merck &amp; Co. Inc. said Wednesday it expects the withdrawal of its Vioxx painkiller from the market to reduce full-year earnings by 50 cents to 55 cents a share.
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Merck and Co  reported a fourth-quarter loss on Wednesday on legal settlement costs and sales that disappointed investors, sending shares down 4 percent.
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Merck &amp; Co. Inc.&#39;s Vioxx recall is mushrooming into a product-liability nightmare that erased another $23 billion of the company&#39;s valuation on Monday, but analysts said it will likely withstand the crisis.
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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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U.S. stocks ended lower on Friday,  dragged down by a sharp fall in drugmaker Merck & Co. Inc.  MRK.N on concerns about a key drug, worries ahead of the Iraq  election and weaker-than-expected economic growth.
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Pharmaceutical giant Merck &amp; Co. said Thursday that third-quarter earnings dropped significantly year-over-year on charges related to the withdrawal of Vioxx from the market.
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Merck said lost Vioxx sales and estimated customer returns totaled $492 million in the third quarter, and the recall slashed net income by about $553 million.
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Merck &amp; Co&#39;s decision to stop selling the painkiller Vioxx, one of its most profitable drugs, could hardly have come at a worse time for the company.
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Merck &amp; Co. Inc.(MRK.N: Quote, Profile, Research) , reeling from the recent withdrawal of its Vioxx arthritis drug, on Wednesday reaffirmed its 2004 earnings outlook but said earnings in 2005 will be lower than analysts had expected.
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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.