Corp-Ethics.com - Report: Vioxx drug ban hits Merck profits

Company	Merck [Company Info]
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Date	Issue	Title
26th Jan 2005	Other Issue	Vioxx drug ban hits Merck profits

Report

Profits at US pharmaceutical giant Merck fell 21%, after the firm was forced to withdraw its Vioxx painkiller last year.

Sales of the drug were halted amid safety fears on 30 September, causing a dip in fourth-quarter profits to $1.1bn (£0.59bn), from $1.4bn a year ago.

The firm also added $604m pre-tax to its reserves for Vioxx litigation.

Better-than-expected sales of other key drugs led sales to rise 2.2% to $5.75bn, it announced late on Tuesday.

The firm has not yet established reserves to cover the cost of settling lawsuits from people who claim they have been harmed by using Vioxx.

The drug has been linked with an increased risk of serious heart problems and the company was aware of 575 lawsuits from 1,400 plaintiffs by the end of last year.

Other Reports on Merck
Date	Issue	Company	Report
21st Apr 2006	Other Issue	Merck	Merck to pay $32m in Vioxx ruling
11th Apr 2006	Other Issue	Merck	Merck fined $9m in Vioxx lawsuit
6th Apr 2006	Other Issue	Merck	Split ruling in latest Vioxx case
6th Mar 2006	Other Issue	Merck	Merck denies heart attack claim
12th Dec 2005	Other Issue	Merck	Vioxx court case ends in mistrial
20th Aug 2005	Other Issue	Merck	US giant punished for faulty drug
2nd Nov 2004	Questionable Practice	Merck	Merck shares dive on Vioxx fears
7th May 2004	Other Issue	Merck	Merck may owe taxman $2 billion

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