January 15, 2008 |
Drug companies were hit with a series of bad breaks Monday, led by Novo Nordisk's announcement that it discontinued its experimental AERx inhaled insulin system and is expected to fire most of its 360-person team on the project in Hayward, Calif. In addition, Merck & Co. and Schering-Plough Corp. said their cholesterol pill Vytorin worked no better than an older, cheaper drug, threatening the medicine's sales. And U.S.
January 24, 2008 |
Trish Wiener believes Dannon misled her, and she wants to milk it for all it's worth. In a lawsuit filed Wednesday in U.S. District Court in Los Angeles, she accuses the yogurt maker of a "massive and comprehensive" false advertising campaign for its Activia, Activia Light and DanActive products. Dannon promotes them as clinically proven to help regulate digestion and boost immunity because they contain bacteria that Wiener's suit says aren't so special.
March 27, 2007 |
Merck & Co. and Schering-Plough Corp. plan to dig more deeply into the lucrative market for cholesterol-lowering drugs by developing a pill that combines their drug Zetia with Lipitor, the world's bestselling medicine. Pfizer Inc.'s U.S. patent on Lipitor is expected to expire as soon as 2010, paving the way for other companies to make generic versions of the blockbuster drug. Pfizer is not involved in the deal.
April 22, 2005 |
Sales of new cholesterol drugs helped Schering-Plough Corp. return to profitability in the first quarter but weren't strong enough for its joint venture partner, Merck & Co., to overcome the earnings drag from the loss of its former arthritis drug Vioxx. Schering-Plough, which lost almost $1 billion last year, reported Thursday that it earned $105 million, or 7 cents a share, thanks in large part to higher sales of cholesterol drugs Vytorin and Zetia.
April 20, 2007 |
Sales of anti-cholesterol pills bolstered profits at Merck & Co. and Schering-Plough Corp., partners in marketing two of the fastest-growing treatments to prevent heart disease. Wyeth and Baxter International Inc. also reported Thursday an increase in first-quarter earnings on higher sales of drugs for arthritis and hemophilia. Wyeth shares fell after the fourth-largest U.S. drug maker said two new products would be delayed. Shares of Schering-Plough, based in Kenilworth, N.J., rose $2.45, or 8.
January 30, 2007 |
Schering-Plough Corp.'s fourth-quarter earnings surged 62% as the combined sales of its Vytorin and Zetia cholesterol drugs jumped to $1.1 billion. Net income rose to $204 million, or 12 cents a share, from $126 million, or 7 cents, a year earlier, the Kenilworth, N.J.-based company said Monday. Revenue increased 14% to $2.7 billion, spurred by a 46% jump for Zetia and Vytorin. Chief Executive Fred Hassan closed plants and fired 2,000 workers to cut $100 million in 2007 costs.
February 4, 2009 |
Drug makers Merck & Co. and partner Schering-Plough Corp. both posted fourth-quarter results Tuesday that topped analysts' expectations, sending their shares up, but revenue from their crucial cholesterol franchise plunged. Both companies beat profit expectations primarily because of aggressive cost-cutting, including eliminating thousands of jobs. Merck's revenue fell 3%, to $6 billion, while Schering-Plough's revenue climbed 17% to $4.35 billion, largely from its acquisition of Organon Biosciences.
December 9, 2004 |
The withdrawal of painkiller Vioxx means Merck & Co. will miss the already diminished expectations of Wall Street analysts for 2005, the drug maker said Wednesday. But its shares rose nearly 3% as the company said it planned to continue its stock buyback program in 2005, offered an upbeat outlook for two new cholesterol drugs and said it planned to seek government approval of three vaccines next year. Merck said it expected to earn $2.42 to $2.52 a share in 2005.
December 10, 2008 |
Drug maker Merck & Co. said Tuesday that it was taking steps to become a leader in generic biotechnology drugs and sales in emerging markets. During its annual business briefing, Merck tried to reassure investors it had the right strategy to resume growing -- after recently announcing another major restructuring and forecasting lower profit and flat revenue in 2009 because of generic competition, the recession and other problems.
March 8, 2007 |
The Food and Drug Administration has approved expanded use of Pfizer Inc.'s blockbuster cholesterol-lowering medicine Lipitor by five new categories, including one to reduce the risk of non-fatal heart attacks and strokes, the company said Wednesday. The expanded label for the world's top-selling prescription drug will also include its approval for use in reducing the risks of certain types of heart surgery, hospitalization for heart failure and chest pain in patients with heart disease.