February 8, 2008 |
Merck & Co. Inc. agreed yesterday to pay $671 million to settle allegations that it overcharged the Medicaid program and gave doctors junkets, dinners and other inducements to promote three of its drugs. The payments stem from two settlements, announced yesterday by U.S. attorneys in Philadelphia and New Orleans, that together show Merck executives' offering low prices to hospitals to induce them to use its drugs heavily, and then failing to acknowledge those low prices to Medicaid, the health program for the poor, as required by law. The cases also show the company's rewarding doctors with a panoply of favors, from lavish stays in exotic locales to payments for allowing salespeople to shadow them for a day. The company's actions kept "costs artificially inflated," said U.S. Attorney Patrick Meehan, who announced the Philadelphia settlement yesterday.
July 9, 2012 |
George F. Di Domizio, 77, of Green Lane, a longtime Merck employee and friend of Elvis Presley, died Friday of esophageal cancer at Rockhill Mennonite Community. He was 77. Mr. Di Domizio was the first quarterback of the Lansdale Catholic High School football team and a member of the school's first graduating class, in 1953.He earned a bachelor's degree from Ursinus College. Mr. Di Domizio worked for Merck for 35 years, starting as a mail boy and eventually rising to become director of creative services before retiring in 1992.
October 9, 2012 |
Merck & Co. said Tuesday that its cost-cutting efforts will now include closing its global headquarters building in Whitehouse Station, N.J., and moving most of those functions and people about 30 miles east to Summit, N.J. The move would mean a longer commute for some of the employees who live in Pennsylvania, with many of them in Bucks County. Merck is among the large pharmaceutical companies wrestling with pressure from insurers, public and private, to reduce the costs of drugs, generic competition and less revenue from medicine that produced big profits when it had market exclusivity because of patent protection.
September 28, 2011 |
The U.S. Environmental Protection Agency says that Merck & Co. has agreed to pay a $1.5 million civil penalty to settle alleged violations of federal environmental laws at its pharmaceutical manufacturing facilities in Riverside and West Point, Pa. According to an EPA statement issued Wednesday, Merck failed to follow reporting requirements for environmental regulations. It also alleges that Merck discharged pollutants in excess of its Clean Water Act permit. The EPA says Merck has already resolved the alleged violations.
November 17, 2004 |
Merck & Co. Inc. lost its sterling triple-A credit rating after Standard & Poor's followed Moody's Investors Service yesterday in downgrading the drugmaker because of potential litigation from the recalled Vioxx painkiller. S&P lowered the rating of Merck long-term debt three notches to "AA-" from "AAA," its highest rating. S&P had put Merck's rating on "credit watch negative" on Nov. 1. "The lower rating incorporates the uncertain magnitude and timing of possible Vioxx-related litigation after the drug's withdrawal," said Arthur Wong, a credit analyst at Standard & Poor's.
June 20, 2012 |
The interests of Merck & Co. Inc. and Geisinger Health System intersect enough that the pair announced on Monday a multiyear collaboration to improve the coordination of care and get patients to take prescribed medicine more regularly than they do now. Geisinger is a physician-led, nonprofit enterprise, based in Danville, Pa., that treats patients and provides insurance for the costs. It is often cited as one of the most innovative health-care operations in the country. Merck, a drugmaker based in Whitehouse Station, N.J., has operations in Philadelphia's suburbs and 140 countries.
January 28, 2004 |
Merck & Co. Inc. said yesterday that fourth-quarter profit declined 26 percent because of restructuring costs and a new drug-distribution program intended to prevent wholesaler overstocking. The world's third-largest drug company, behind Pfizer Inc. and GlaxoSmithKline P.L.C., said net income for the quarter was $1.4 billion, or 62 cents a share, compared to $1.9 billion, or 83 cents per share, in the same quarter a year ago. Quarterly revenue fell 7 percent to $5.6 billion from $6.1 billion a year ago. Merck had been expected to earn 62 cents a share, according to the average estimate of analysts polled by Thomson First Call.
October 23, 2003 |
Merck & Co. Inc. said yesterday that it would cut 4,400 jobs after the world's third-largest drugmaker posted lower-than-expected third-quarter profit and cut its full-year earnings forecast. Merck, which employs 12,000 in the Philadelphia area, also said it would implement a program Dec. 1 to limit wholesalers from stockpiling drugs in anticipation of price increases. Merck said the new distribution method, and the cost of the job cuts, would cause full-year earnings to fall short of original estimates.
October 23, 2007 |
Merck & Co. Inc. is coming back. Two years ago, the company was reeling from its failed pain reliever, Vioxx, and from the impending loss of one of its most profitable drugs. Analysts were openly skeptical about the company's prospects. But yesterday, Merck reported a 62 percent rise in net income for the third quarter, fueled by a doubling of vaccine sales. Merck, whose vaccine operations are based in West Point, Montgomery County, made more money in part because it cut marketing and administrative costs 18 percent and increased revenue 12 percent.