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Merck to Cut as Many as 13,000 Jobs to Save $4.6 Billion

Merck & Co., the second-largest U.S. drugmaker, plans to eliminate an additional 12,000 to 13,000 jobs by 2015, expanding a restructuring program to save as much as $4.6 billion a year.

As much as 14 percent of the company’s 91,000 employees will lose their jobs, based on the size of the workforce at the end of last month. The Whitehouse Station, New Jersey-based drugmaker also reported today that second-quarter earnings excluding one-time items were 95 cents a share, matching the average estimate of 17 analysts surveyed by Bloomberg.