Merck & Co's 3rd-qtr income down 38% to $904.6 million on flat sales and higher costs
USA-based drug major Merck & Co says that its net income for the quarter ended September 30, 2006, was $904.6 million, or $0.43 per share, down 38% and 34%, respectively, on the comparable period last year. The firm explained that the fall in profits had been caused by its decision to reserve an additional $598.0 million for future legal costs in relation to its withdrawn pain killer Vioxx (rofecoxib; Marketletters passim).
In addition, Merck said that its third-quarter performance had been affected by restructuring charges of $199.6 million arising from the program of site closures and job cuts that it announced in November last year. The firm added that it plans to lose a further 7,000 employees by the end of 2008.
Static third-quarter sales
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