Vioxx Charges Hit Merck
Merck(MRK Quote) aired quarterly and annual results Wednesday, bestowing the pain of its Vioxx settlement on the fourth quarter and describing the hoopla surrounding its cholesterol-drug turmoil a "reaction" that doesn't have it second-guessing its long-term trajectory.
Shares, which are down 25% since its "Enhance" trial results on cholesterol-lowering drug Vytorin earlier this month, fell $2.19, or 4.4%, to $45.92 in recent trading.
The Whitehouse Station, N.J.-based pharmaceutical maker's overall 2007 results included $4.85 billion in charges related to the Vioxx settlement, $2 billion in lost sales due to patent expiry and $810 million in charges tied to a restructuring that eliminated 7,200 jobs. However, it still managed to meet earnings expectations, surpassing anticipated per share results on an adjusted basis. ...
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