Merck & Co., Inc., is a global research-driven pharmaceutical products company
that discovers, develops, manufactures and markets a broad range of innovative
products to improve human and animal health, directly and through its joint ventures.
The Company sells its products primarily to drug wholesalers and retailers, hospitals,
clinics, government agencies and managed health care providers such as health
maintenance organizations and other institutions. The Company’s professional representatives
communicate the effectiveness, safety and value of its products to health care
professionals in private practice, group practices and managed care organizations.
The Company’s products include therapeutic and preventive agents, generally
sold by prescription, for the treatment of human disorders. Among these are
atherosclerosis products, of which Zocor (simvastatin) is the largest-selling;
hypertension/heart failure products, the most significant of which are Cozaar
(losartan potassium), Hyzaar (losartan potassium and hydrochlorothiazide), and
Vasotec (enalapril maleate); anti-inflammatory/analgesics, which include Vioxx
(rofecoxib) and Arcoxia (etoricoxib), agents that specifically inhibit the COX-2
enzyme, which is responsible for pain and inflammation (“coxibs”); an osteoporosis
product, Fosamax (alendronate sodium), for treatment and prevention of osteoporosis;
a respiratory product, Singulair (montelukast sodium), a leukotriene receptor
antagonist for treatment of asthma and for relief of symptoms of seasonal allergic
rhinitis; vaccines/biologicals, of which M-M-R II (measles, mumps and rubella
virus vaccine live), Varivax (varicella virus vaccine live), a live virus vaccine
for the prevention of chickenpox, and Recombivax HB (hepatitis B vaccine [recombinant])
are the largest-selling; anti-bacterial/anti-fungal products, which includes
Primaxin (imipenem and cilastatin sodium), as well as newer products Cancidas
(caspofungin acetate) and Invanz (ertapenem sodium); ophthalmologicals, of which
Cosopt (dorzolamide hydrochloride and timolol maleate ophthalmic solution) and
Trusopt (dorzolamide hydrochloride ophthalmic solution) are the largest-selling;
a urology product, Proscar (finasteride), for treatment of symptomatic benign
prostate enlargement; and HIV products, which include Crixivan (indinavir sulfate)
and Stocrin (efavirenz), for the treatment of human immunodeficiency viral infection
in adults.
Other primarily includes Maxalt (rizatriptan benzoate), for the treatment of
acute migraine headaches in adults, Propecia (finasteride), for the treatment
of male pattern hair loss, and other non-promoted products and pharmaceutical
and animal health supply sales to the Company’s joint ventures and revenue from
the Company’s relationship with AstraZeneca LP, primarily relating to sales
of Nexium (esomeprazole magnesium) and Prilosec (omeprazole).
Our business is preserving and improving human life and animal health. All
of our actions must be measured by our success in achieving this goal. Above
all, we value our ability to serve patients who can benefit from the appropriate
use of our products and services. We are dedicated to providing the highest
level of professional excellence and health delivery systems. We strive to identify
the most critical needs of health care professionals and consumers, and we devote
our resources to meeting those needs.
Competition — The markets in which the Company’s pharmaceutical business is
conducted are highly competitive and often highly regulated. Global efforts
toward health care cost containment continue to exert pressure on product pricing
and access.
Such competition involves an intensive search for technological innovations
and the ability to market these innovations effectively. With its long-standing
emphasis on research and development, the Company is well prepared to compete
in the search for technological innovations. Additional resources to meet competition
include quality control, flexibility to meet customer specifications, an efficient
distribution system and a strong technical information service. The Company
is active in acquiring and marketing products through joint ventures and licenses
and has been refining its sales and marketing efforts to further address changing
industry conditions. To enhance its product portfolio, the Company continues
to pursue external alliances, from early-stage to late-stage product opportunities,
including joint ventures and targeted acquisitions. However, the introduction
of new products and processes by competitors may result in price reductions
and product replacements, even for products protected by patents. For example,
the number of compounds available to treat diseases typically increases over
time and has resulted in slowing the growth in sales of certain of the Company’s
products.
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