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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.18

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Jan 2 9:30 AM EST

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To: Anthony Wong who wrote (874)	10/7/1998 2:49:00 PM
From: Anthony Wong	of 1722

Merck says Asian woes won't hit sales By Jeffry Bartash, CBS MarketWatch Last Update: 12:11 PM ET Oct 7, 1998 NewsWatch WHITEHOUSE STATION, NJ (CBS.MW) -- Drug maker Merck & Co. said Wednesday that the Asian economic flu would have little effect on sales. The stock initially climbed as much as 2 3/4, but its gains later subsided. In recent trading, it was up 3/8 to 128. Merck is a component of the Dow Jones Industrial Average. Although several large U.S. companies have warned that overseas turmoil would crimp sales, Merck (MRK) chairman Raymond V. Gilmartin downplayed such a risk during the ground breaking in Singapore for a new chemical manufacturing plant. Company officials said that despite the economic woes troubling Asia now, Merck wants to be well positioned in that region once it recovers. At present, Merck has plants in Singapore, China, Korea and Australia, but it doesn't have further plans for expansion in Asia. The plants are designed to meet worldwide, not regional, demand. Asia only accounts for about $1.7 billion of Merck's $24 billion in annual sales, although the company hopes to sharply boost that figure. ''As we look toward the future, Asia and the Pacific region offer tremendous opportunities," said Bernard J. Kelley, president of the Merck Manufacturing Division "Together they represent nearly one-third of the world's population among thirteen diverse countries.'' The Singapore plant eventually will be the main producer of Vioxx, an anti-inflammatory drug used to treat osteoarthritis. The drug is awaiting approval from the U.S. Food and Drug Administration. Jeffry Bartash is a reporter for CBS MarketWatch.

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