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Merck: Companies
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Subsequently, Merck tried unsuccessfully to get a successor drug to Vioxx, called etoricoxib (Arcoxia), which is approved in 60 countries worldwide, approved in the USA. Two other drug companies, Pfizer and Novartis, are trying to get alternatives to Vioxx approved. Their drugs are called parecoxib (Dynastat) and lumiracoxib (Prexige), respectively.
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[G]oing forward, Merck sees good times ahead: the company increased earnings guidance for the year, excluding restructuring and layoff charges, to between $3 and $3.10 per share. Previously, the drug developer had forecasted $2.75 to $2.85 per share. Including charges, the company is looking for profit between $2.80 and $2.95 per share.
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Prior to joining Merck, Mr. Gilmartin served as Chairman, President and CEO of Becton Dickinson, a global company that develops, manufactures and markets medical devices and diagnostic products. He joined that company in 1976 as vice president, strategic planning, and took on positions of increasing responsibility over the next eighteen years.
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The overall cost reduction program is expected to save the company between $3.5 billion to $4 billion on a pre-tax basis in the 2006 to 2010 period, according to Merck. Restructuring charges from the closings are expected to be $350 million to $400 million in 2005 and $800 million to $1 billion in 2006, on a pretax basis. Merck said all restructuring costs from this first phase will be completed by 2008.
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Dynavax will webcast its conference call today at 9:00 a.m. ET (6:00 a.m. PT) to discuss the agreement with Merck. The live webcast can be accessed by visiting the investor relations section of the Company's Web site at http://investors.dynavax.com/events.cfm. A replay of the webcast will be available on the Dynavax web site approximately two hours after completion of the call and will be archived for two weeks on the Investor page of the Dynavax website.
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Earlier, Mr. Braddock was chief operating officer at Medco Containment Services, Inc., a leading pharmacy benefit manager that was purchased by Merck, from January 1993 to October 1993. Mr. Braddock joined Citicorp in 1973, serving as chief operating officer of the company and its principal subsidiary, Citibank, N.A. January 1990 through October 1992.
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