Corporate Governance at Merck
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Case Code: CGOX004 Case Length: 12 Pages Period: 2003 Pub Date: 2003 Teaching Note: Not Available |
Price: Rs.300 Organization: Merck Industry: Pharmaceutical Countries: Germany Themes: - |
Abstract Case Intro 1 Excerpts
Introduction
One of the leaders in the global pharmaceutical industry, Merck, was well known for its high -cholesterol, hypertension, and heart-failure drugs. The company's famous drugs included Cozaar and Hyzaar (blood pressure), Zetia and Zocor (Cholesterol). Vioxx (pain killer), Propecia (male pattern baldness treatment) and Singulair (asthma). Merck also produced vaccines for hepatitis A and B, and chickenpox. Merck had several new products in its pipeline, including a new COX-2 inhibitor (Arcoxia) and vaccine candidates for human papillomavirus (HPV, a known cause of cervical cancer) and herpes zoster (shingles).
These initiatives had become important, as Merck had lost patent protection for its hypertension drug Vasotec, high-cholesterol drug Mevacor, and ulcer drug Pepcid in 2001. Unlike other leading players in the industry, Merck had by and large avoided growth by acquisition. But the company had tie-ups with companies like Schering-Plough. In 2003, Merck spun off its Medco Health Solutions Pharmacy Benefits Management and drug distribution subsidiary, which it had acquired in 1993. In 2002, Merck recorded revenues of $51,790.3 million and a net income of $7,149.5 million1.
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