Business News

Pharmaceutical firm Merck hurt by drug failure ahead of earnings

Jul 21, 2008, 22:38 GMT

New York - US pharmaceutical firm Merck & Co dropped on Wall Street Monday ahead of its earnings release after a study showed a cholesterol-lowering drug did not prevent complications from heart- valve disease and was linked to higher cancer rates. The drug, Vytorin, produced by Merck and Schering-Plough Corp, did lower cholesterol as promised, but did not did not reduce heart problems and had a larger incidence of cancer among study participants than a placebo - though researchers said that may have been coincidental, Bloomberg financial news reported. Merck shares dropped 6.2 per cent on the news. In quarterly earnings reports released after the close of trading, Merck said profits rose 5 per cent to 1.8 billion dollars. Revenues rose 1 per cent in the second quarter to 6.1 billion dollars, the third-largest US pharmaceutical firm said in Whitehouse Station, New Jersey.

And Also

What's the Truth About Brangelina? - PopEater
no articles available.
- The Tech Herald
Jennie Garth throwing a Garden Party, Zucchini and Eggplant need not apply, the interview
Andrew Garcia Wows 'Idol' Judges With 'Straight Up' - PopEater
Johnny Depp death hoax and similar schemes explained - The Tech Herald

Business News

Pharmaceutical firm Merck hurt by drug failure ahead of earnings

And Also

Your Talkback on this Story

Latest Headlines in Business

Older Talkback

From Sites we Like

In Monsters and Critics

Corporate

The Fine Print