Merck knew of Vioxx health risks: report

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Last Updated Tue, 02 Nov 2004 12:52:58 EST

WHITEHOUSE STATION, N.J. - Merck and Co. shares fell more than 9 per cent in trading on the NYSE Monday amid reports that company documents showed the pharmaceutical firm knew for years about health issues related to its arthritis drug Vioxx.

Shares of Merck were off $3.03 US to close at $28.28 US following the report in the Wall Street Journal.

Vioxx accounted for 12 per cent of Merck's sales.

Before the company pulled the drug on Oct. 1, Vioxx had been one of Merck's blockbuster drugs, responsible for 12 per cent of the drug company's revenue. About 3 million Vioxx prescriptions were written in Canada in 2002.

Merck withdrew it after new data from a clinical trial found an increased risk of heart attack and stroke after 18 months of use.

The newspaper reported that internal company e-mail and documents showed the company knew as early as 2000 of the health concerns surrounding Vioxx but tried to downplay criticism of the drug.

After the drug was recalled, Merck reported a 29 per cent drop in its third-quarter profit and cut its year-end earnings guidance.

Written by CBC News Online staff

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