Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Drugs

CEO Hot Seat Watch: Merck's Kenneth Frazier


Merck CEO Kenneth Frazier

Photograph by Matt Rourke/AP Photo

Merck CEO Kenneth Frazier

Kenneth Frazier joined Merck (MRK) in 1992 as general counsel and made his name leading the company’s defense against claims that its Vioxx painkiller caused heart attacks and strokes. His tenure as chief executive officer, beginning in January 2011, has been less distinguished. Shares of Merck, the No. 2 drugmaker in the U.S. by sales, have underperformed the Standard & Poor’s 500 Health Care Index since 2010 and trailed those of its peers in the past 12 months, according to data compiled by Bloomberg. Grappling with declining sales and setbacks on experimental medicines, the $134 billion company announced in October that it would fire 8,500 workers and overhaul its research and development operation. Roger Perlmutter, who took over as R&D chief in April, wants to put more emphasis on vaccines, cancer, diabetes, and drugs used in hospital settings. Frazier is also considering spinning off the animal-health and consumer-product units. A similar move by larger rival Pfizer (PFE) boosted shareholder value by $50 billion.

Armstrong is a reporter for Bloomberg News in New York.

LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus