Merck's annual briefing includes updates on new business plan
WHITEHOUSE STATION, N.J. Merck held its annual business briefing recently during which the company reviewed the progress it had achieved under a new plan to re-engineer the way it develops and distributes medicines and vaccines around the world.
“We are realizing the benefits of the successful execution of our strategy. We have created a model for success that encompasses every aspect of our business, including research and development, manufacturing and commercialization,” said Richard Clark, Merck chairman, president and chief executive officer.” As a result, Merck has a sustainable business model that will allow us to realize the goals we set for 2010 and to position the company for future success.”
Some of the goals of the company that they have either met or plan to meet include: launching seven new drugs and vaccines in the past two years including MK-0524B, which is a drug candidate that combines simvastatin with laropiprant and extended-release niacin to lower triglycerides and HDL-cholesterol. Another drug candidate is MK-0364, taranabant, which is an investigational medication for the treatment of obesity.
The company also expects compound annual revenue growth of 4 percent to 6 percent from 2005 to 2010, including 50 percent of all joint venture revenue, as well as double-digit compound annual earnings per share growth from 2005 to 2010, excluding certain items. And, the company plans to return product gross margin to pre-Zocor levels in 2008.