Merck to cut costs by $2.5 billion, eliminate 8,500 jobs

By Ransdell Pierson (Reuters) - Merck & Co, taking a cue from rival drugmakers that have slashed research spending to bolster earnings, on Tuesday said it plans to cut annual operating costs by $2.5 billion and eliminate 8,500 jobs. Merck, whose shares rose 2 percent, said it aims to narrow its focus to products with the best chance of winning regulatory approval and achieving substantial sales. To slim down, it will jettison research products with less likelihood of success. ...

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