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Merck Stock Dives on Vioxx News

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Merck Stock Dives on Vioxx News

Business

Merck Stock Dives on Vioxx News

Merck Stock Dives on Vioxx News

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  • <iframe src="https://www.npr.org/player/embed/4055360/4055361" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

Shares of Merck & Co. plummet after the company's annoncement that it is pulling Vioxx off the shelves. The company's blockbuster arthritis drug is sold in 80 countries and generates $2.5 billion in revenues. The news sent Merck shares down by more than 25 percent and reduced the company's overall market capitalization by $25 billion. Meanwhile, shares of Pfizer rose. Phizer makes drugs that compete directly with Vioxx. NPR's Jim Zarroli reports.