How much impact does Vioxx has on Merck's bottom line? Anyone?
I established a position on last week.
Reuters Summit-Merck CEO comments
Mon Nov 15, 2004 10:48 AM ET
NEW YORK, Nov 15 (Reuters) - Merck & Co Inc. (MRK.N: Quote, Profile, Research) Chief Executive Raymond Gilmartin on Monday stood by the way his company has handled the withdrawal of Vioxx, its arthritis drug, from the market.
The following are quotes from Gilmartin, speaking at the Reuters Health Summit:
"We've been able to keep facts out and in front of people in the company," he said when asked how the drugmaker handled the withdrawal of its arthritis drug Vioxx. "I think people feel we've acted responsibly. We've promptly disclosed information, good and bad. Our top research people work for Merck because of the values we have. They say they're proud to work for a company that is responsible for its behavior."
Asked if he would do anything differently in terms of the company's handling of Vioxx since it was introduced in 1999, he said: "No."
"I do sleep at night because of how we've conducted ourselves every step of the way -- promptly disclosing data good and bad."
"We're not discussing our litigation strategy (regarding Vioxx) and can not speculate on outcomes of (legal) trials," he said, but added the company will establish context.
"One has to be on drug for 18 months continuously before one sees an increase risk for heart attack and stroke. The risk is small, and these things occur generally throughout the population for a lot of different risk factors."
When asked if he will stay at Merck to his scheduled 2006 mandatory retirement, at age 65, Gilmartin said: "Absolutely, I'll be there." The company is still looking primarily from within for a possible successor, he added.
But he said: "The board is duty bound to look at outside candidates, as always planned. An executive search firm is helping with the outside search."
"Clearly, our focus is on restoring growth of the company. We're very strong financially, with low debt and very strong cash flow." |
