How Vytorin Fell Short

Updated from Jan. 21

OKLAHOMA CITY -- In the summer of 2006, Schering-Plough(SGP Quote) made a bold -- if premature -- call.

During a two-day strategy session, the company's latest proxy statement shows, Schering-Plough declared that its crisis period from recent years had come to an end. The company reached that conclusion shortly after the close of a key trial meant to further strengthen a booming cholesterol-drug franchise that it operates with Merck(MRK Quote).

Not until last week, nearly a year and a half later, did the results of that trial finally emerge. The study, popularly known as ENHANCE, suggested that Schering-Plough's blockbuster cholesterol-lowering drugs work no better -- and could pose greater risks -- than the far cheaper generic Zocor. ...