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Merck announces multibillion restructuring program

Oct. 01, 2013 7:51 AM ETMerck & Co., Inc. (MRK) StockMRKBy: Colin Lokey, SA News Editor12 Comments
  • Merck (NYSE:MRK) announces an initiative to "sharpen its commercial and R&D focus" in order to "better target its resources behind those opportunities that have the potential to deliver the greatest return on investment."
  • The company is looking to reduce annual operating expenses by ~$2.5B by the end of 2015 with ~$1B to be realized by the end of next year.
  • MRK will cut its workforce by around 8,500 positions — that's in addition to the 7,500 positions the company has already cut.
  • The restructuring will cost $2.5-3B, around two-thirds of which will be recognized as cash outlays.
  • FY13 non-GAAP guidance reiterated at $3.45-3.55. (PR)

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