Merck & Co.'s profit plunged 90% as the drug maker set aside $950 million to pay for an anticipated resolution of a government probe of its former pain drug Vioxx.
The company's earnings excluding the Vioxx charge and other items exceeded Wall Street expectations, though revenue fell short. Many drug makers have reported weaker-than-expected third-quarter revenue due to European pricing pressure and other challenges, but they have been able to offset the sluggishness with layoffs and other cost cuts.
via online.wsj.com
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