Merck Appoints Committee To Review Vioxx Actions
POSTED: 8:59 am EST December 8, 2004
TRENTON, N.J. -- The drug maker Merck has appointed a special committee to review company actions related to the pulling of the blockbuster arthritis drug Vioxx from the market.
The committee made up of board members and a retired federal judge will act for the company's board of directors in handling shareholder litigation over the Vioxx withdrawal.
Survey: Merck Handle Vioxx Recall Appropriately?
Merck withdrew the popular arthritis drug on Sept. 30 after an internal study showed the drug doubled the risk of heart attacks and strokes. At the time, about 2 million people worldwide were taking Vioxx, which had 2004 global sales of $2.5 billion. That was 11 percent of the company's $22.4 billion in revenue last year."Even though the (Food and Drug Administration) has noted that the company acted responsibly with respect to Vioxx, the board concluded that its responsibilities to Merck shareholders made it important to conduct an independent review in order to ensure that the company acted in an appropriate and ethical manner," said committee Chairman William Bowen, president of The Andrew W. Mellon Foundation and chairman of the Merck Board's Committee on Corporate Governance.Meanwhile, Merck reaffirmed Wednesday its expectations of a coming dip in earnings. The company said it expects fourth-quarter, full-year and projected 2005 earnings to miss the Wall Street targets due to the Vioxx problems and waning sales of some of its biggest drugs.
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Survey: Merck Handle Vioxx Recall Appropriately?Merck withdrew the popular arthritis drug on Sept. 30 after an internal study showed the drug doubled the risk of heart attacks and strokes. At the time, about 2 million people worldwide were taking Vioxx, which had 2004 global sales of $2.5 billion. That was 11 percent of the company's $22.4 billion in revenue last year."Even though the (Food and Drug Administration) has noted that the company acted responsibly with respect to Vioxx, the board concluded that its responsibilities to Merck shareholders made it important to conduct an independent review in order to ensure that the company acted in an appropriate and ethical manner," said committee Chairman William Bowen, president of The Andrew W. Mellon Foundation and chairman of the Merck Board's Committee on Corporate Governance.Meanwhile, Merck reaffirmed Wednesday its expectations of a coming dip in earnings. The company said it expects fourth-quarter, full-year and projected 2005 earnings to miss the Wall Street targets due to the Vioxx problems and waning sales of some of its biggest drugs.
Previous Stories:
- November 5, 2004: After Vioxx Recall, FDA Renews Efforts To Ensure Safety
- October 6, 2004: Report: Government Study Uncovers Vioxx Risks
- October 5, 2004: Class-Action Lawsuit Filed In Illinois Over Vioxx
- October 4, 2004: Missouri Mom Sues Vioxx Maker For Daughter's Death
- October 1, 2004: Vioxx Recall Prompts Patients To Look For Alternatives
- September 30, 2004: Arthritis Patients Scramble For Alternatives Amid Vioxx Recall
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