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...enough for Merck shareholders that the firm's top drugs, Zocor and Fosamax, are going off patent over the next three years and that the pipeline looks thin. Now investors may have to stomach another bitter pill. A Texas jury last week awarded $253.5 million to the widow of a man who died after taking the painkiller Vioxx. In the first verdict reached in more than 4,000 liability cases involving the drug--which Merck recalled last year after studies indicated a possible link to heart failure--the award cast doubt on Merck's strategy of fighting each case individually...
Merck investors may take comfort in the fact that jackpot jury awards are often reduced on appeal. Texas law caps punitive damages, and the final award probably won't exceed $26.1 million. Merck not only plans to appeal in Texas but also has vowed to continue fighting each Vioxx claim individually. Ailing as it is, the firm is expected to generate $3.5 billion in cash this year. In other words, Merck isn't going bankrupt tomorrow. Which is just what the trial lawyers like to hear. --By Daren Fonda
Just as important, she learned to say no. After winning Wimbledon, she rejected offers to present at award shows and pose for laddie magazines. She turned down dozens of endorsement contracts. She did ink nine deals with the likes of Motorola, Nike, Colgate-Palmolive and Canon that with her court winnings amount to more than $20 million in annual income. But her agent, Max Eisenbud, and a 25-person "Team Sharapova" at sports-rep firm IMG gave the corporate sponsors just three weeks this year with...
...hormones to prevent voice change, mono-gloved, well, then I suppose 'Michael,' as he is affectionately known in the trade, is a good example." JOHN ROBERTS, Supreme Court nominee, in a memo he wrote as a young lawyer in the Reagan Administration advising against giving Michael Jackson a presidential award for his work in discouraging teens from drunk driving; Jackson received the award anyway...
...Anderson writes: "Conviction of the accused appears probable and a court might possibly award the death penalty." But, he adds, "it is doubtful whether the Australian Military court should concern itself at the present juncture with cases involving Allied nationals...