Summary Box: Merck eliminating up to 13K more jobs

AP News
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Posted: Jul 29, 2011 1:44 PM
Summary Box: Merck eliminating up to 13K more jobs

MAJOR LAYOFFS: Drugmaker Merck and Co. says it's cutting up to 13,000 more jobs for a total of about 30,000 since its 2009 Schering-Plough Corp. purchase.

THE REASONS: A few Merck drugs already are hurt by generic competition, which hits its $5 billion-a-year allergy drug, Singulair, in a year. Meanwhile, pricing pressures and weak economies are slowing sales growth in the U.S. and Europe.

QUARTERLY RESULTS: Net income was $2.02 billion, or 65 cents per share. Excluding charges, income was up 9 percent from a year earlier. Revenue totaled $12.15 billion, up 7 percent.