Merck Posts Weak Earnings and Plans to Cut Up to 4,400 Jobs

[Snellius]

Merck & Company, the nation's second-biggest drugmaker, reported sluggish results for the third quarter today and said it planned to cut as many as 4,400 jobs. The numbers reflect what Wall Street analysts have been saying for months: the company's cupboard of new blockbuster drugs is currently bare.
...
Merck said it planned to cut 3,200 full-time positions and another 1,200 contract or temporary job slots. The cuts, which the company said are expected to generate about $250 million to $300 million in annual savings, amount to about 7 percent of the company's work force.

http://www.nytimes.com/2003/10/22/business/22CND-MERCK.html?hp

[GainesT1958]

1. Let me say it one more time:

"Recovery? WHAT recovery?!?" :eyes:

B-)

[PROGRESSIVE1]

2. "Shut up Merck, just Shut Up" says Bill O'really! "The job....

market is great, the economy is booming and Bush will win a 50 state landslide next year!" "Shut Up just Shut Up"!!!! "Merck is an American hating company!!! It's French, boycott them!" says O'Really!

[young_at_heart]

3. Maybe those laid-off workers will switch parties

The "common man" needs to realize that the Bush Cartel doesn't give a **** about them!

[Divernan]

4. "the company's cupboard of blockbuster drugs is bare"

Now, how could that be when Big Pharmaceuticals have justified grossly overcharging American senior citizens several hundred percent more than overseas customers because those profits were necessary to fund research and development on the next generation of BLOCKBUSTER DRUGS ! ! !

[VolcanoJen]

5. Dupe... locking

Please continue discussion by posting in the original, earliest LBN thread on this topic, which can be found here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=178338

Thanks!
VolcanoJen
DU Moderator