Merck CEO Goes On Defense, Cuts Jobs

In the wake of the Vioxx withdrawal, Gilmartin says, Merck is substantially changing "every aspect" of its business. ... Gilmartin also defended Merck against charges that it mishandled Vioxx, which was withdrawn from the market in September after a Merck study found the drug doubled the risk of heart attack and stroke after long-term use. ... Lawsuits from patients who took Vioxx remain the biggest area of uncertainty for Merck, with liability estimates running from a few billion dollars to several tens of billions of dollars. Later this afternoon, Merck will provide an update on litigation related to the withdrawal of Vioxx. ... Apart from the Vioxx issues, Merck's drug pipeline is starting to fire up ...

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