Drugmakers Merck & Co., Wyeth and GlaxoSmithKline PLC all posted lower profits for the third quarter on Wednesday, partly due to the intensifying generic competition weighing on the entire pharmaceutical industry.
And in what it characterized as an advance strike to counteract that and other problems, Merck said it will slash about 7,200 jobs, or nearly 13 percent of its workforce, in its second major restructuring in less than three years.
The companies managed to meet or slightly beat analysts' expectations, in part because of benefits from currency exchange rates. But on a day in which world markets fell, their shares all did as well: Merck's dropped …
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