Merck & Co cuts jobs as profits tumble
This article was originally published in Scrip
Executive Summary
Merck & Co will axe 7,200 jobs to help improve costs and competitiveness following a 28% drop in profits in its third quarter. The cuts to 12% of the company's workforce come after a $612 million restructuring charge and sluggish cholesterol-lowerer product sales shrunk profits to $1.09 billion.