Pharma Faces Challenges After Merck Warning.(pharmaceuticals companies face problems)(Brief Article)(Statistical Data Included)

Chemical Market Reporter, July, 2001 by Krause, Carey

US-BASED pharmaceutical companies had several setbacks last week as Merck & Co. issued a second quarter earnings warning, and Schering-Plough Corp. reported continued manufacturing problems. American Home Products received a minor setback for a bone drug, and Eli Lilly faces some earnings adjustments for the delay of Xigris.

Based on its outlook for Vioxx sales, gross margins and foreign exchange, Merck lowered its 2001 earnings per share guidance to $3.12 to $3.18 (8 to 10 percent growth), down from $3.15 to $3.25 (9 to 12 percent growth). Merck projects Vioxx sales at the lower end of $3.0 billion to $3.5 billion and gross margins at 39 percent, down from 40 percent. Merck estimates second quarter earnings per share (EPS) at 77 cents to 79 cents.

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