Pharmaceutical manufacturer giant Merck & Company Inc. announces more bad news with the elimination of 1,200 sales jobs in its US salesforce. This news comes after a decision last week from the FDA that issued a non-approvable letter for Cordaptive which was supposed to be Merck's newest cholesterol lowering drug. Also, Merck had been notified that immediate improvements must be made at one of their vaccine maufacturing plants. How much bad news can one company withstand in one month?
Amy Rose, a Merck spokeswoman, said the lay-offs represent about 15 percent of Merck's salesforce. The job cuts are part of a global restructuring plan announced in late 2005, meant to generate a up to $5 billion in savings through 2010.
Merck's earnings have been hurt by disappointing sales of its Vytorin cholesterol fighter since studies were released showing some diappointing results.
So far, the news has had almost no impact on Merck shares.
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