After Vioxx Withdrawal, First Thing For Merck Is Paying The Lawyers
This article was originally published in The Pink Sheet Daily
Executive Summary
Merck increases reserve for legal defense costs related to Vioxx by $604 mil., bringing the total to $675 mil.; the company has not yet established a reserve to cover potential liability. A hearing to consolidate pretrial motions to a single federal judge is scheduled for Jan. 27.
You may also be interested in...
Bextra Withdrawal Costs Pfizer $1.28 Bil. In First Quarter
Pfizer will have to take charges to write off assets relating to the withdrawal of the COX-2 inhibitor in addition to $71 mil. in expected product returns. Pfizer has revised its April 5 guidance downward to reflect the withdrawal.
Bextra Withdrawal Costs Pfizer $1.28 Bil. In First Quarter
Pfizer will have to take charges to write off assets relating to the withdrawal of the COX-2 inhibitor in addition to $71 mil. in expected product returns. Pfizer has revised its April 5 guidance downward to reflect the withdrawal.
Merck Cost-Cutting Program Will Help Beat First Quarter Expectations, Company Says
Merck expects first quarter performance will come in at 62¢ per share, about 11% ahead of analysts' expectations. Despite stronger-than-expected first quarter, Merck is reaffirming full-year guidance.