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Merck & Co opts for investment now, payoffs later

This article was originally published in Scrip

Executive Summary

When on 3 February Merck & Co, the number two drug seller in the world, announced its financial results for 2010, the big news was not what the company said had happened last year but what it said will be happening in the future. Or not saying. In a conference call with the Wall Street analysts who follow pharma, Merck's new CEO Kenneth C. Frazier took the most heat because, unlike every other drugmaker, Merck refused to give any guidance on how it will do in 2013. The company has previously told investors to expect high double digit growth through the next three years.

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