MRK: Merck & Co., Inc. Message Board

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Biotech / Medical : MRK: Merck & Co., Inc.

MRK 85.98

-0.3%

Oct 31 9:30 AM EST

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To: brian h who wrote (8)	11/16/2004 12:38:41 PM
From: marginnayan	Read Replies (2) of 22

Summary Report on MRK by Lehman Brothers We confirmed that MRK's current liquidity is $14.2 billion and "net cash from operating activities" will be more than sufficient to finance both dividend paymentof $3.3 billion and CAPEX of $1.9 billion going forward. MRK will not lower its dividend regardless of the litigation outcome and believes its current product liability insurance of $630 million will be more than sufficient to cover the potential litigation cost. MRK also believes the financial impact of lowering long term debt rating from AAA to AA2 by Moody's is miniscule. MRK did not quantify how much "liquidity" is residing overseas, yet suggests that most of the $7.25 billon long term investment is domestic and liquid. ---- Latest Report Summary on Merck by Lehman Brothers dated 11/11/2004

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