Merck Posts 21 percent Decline in 4Q Profits on Vioxx® Withdrawal

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Pharmaceutical giant Merck & Company has reported a 21 percent decline in its fourth-quarter earnings, driven by the withdrawal of the company's blockbuster arthritis drug, Vioxx®, and the related charges.

The US-Based drugmaker said in a recent statement that its fourth quarter 2004 earnings totaled $1.1 billion or $0.50 per share, as compared to its earnings of $1.4 billion or $0.62 per share in the year-ago quarter. The company's fourth quarter 2004 earnings were in-line with the average estimate of the Wall Street analysts. Merck said that the Vioxx® withdrawal resulted in a loss of $700-$750 million in the company's fourth quarter 2004 sales. The company had withdrawn the painkiller from the market in September 2004, flowing reports of increased heart attack and stroke from the drug. Merck also stated that the company set aside $604 million in fourth quarter 2004 exclusively for future legal defense costs associated with Vioxx® litigation issues.

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