Merck posted an 11% rise in first-quarter profits yesterday, with stringent cost-cutting measures and a good performance by old drugs for lowering cholesterol and treating asthma countering the continuing loss of sales from withdrawn painkiller Vioxx.
Net income came in at $1.52 billion, although revenues rose less than 1% to $5.41 billion. The bottom line was boosted by savings afforded by the elimination of 1,800 jobs in the first quarter that put Merck on track to reach its target of 7,000 staff cuts by 2008, as well as restructuring costs that allowed the company to reduce its tax burden.
Source: PharmaTimes
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