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Stock Price of Three New Jersey Drug Makers Dips on Merck Earnings Warning.
Knight Ridder/Tribune Business News, July, 1998 by The Record, Hackensack, N.J.
Knight Ridder/Tribune Business News
Jul. 22--Second-quarter profits increased for Merck & Co., Schering-Plough Corp., and American Home Products Corp., but shares of these New Jersey drug makers declined Tuesday as Merck, the country's biggest pharmaceutical company, told analysts that 1998 earnings would be at the lower end of estimates.
Merck shares fell 7 percent to close at 128 1/2 Tuesday, down 9 7/8, as the Whitehouse Station-based company told analysts 1998 earnings would be from $4.27 to $4.39 a share, which is at the lower end of the $4.27 to $4.42 range analysts expected.
Merck gave the lower estimates "because of extreme competition in the cholesterol market with" Lipitor, said Hemant Shah, an analyst at HKS & Co. in Warren, referring to...
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