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Merck Struggles To Get It Right After Years Of Doing No Wrong Drug giant's credibility is beginning to flat-line along with its earnings.(A)(COMPANY IN THE NEWS)

Investor's Business Daily

| March 22, 2002 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: GLORIA LAU

Merck is lost at sea, and investors know it.

Wall Street used to count on Merck for double-digit profit growth, the top drugs for many diseases and the best research.

Not anymore. Last year, it brought in 8% profit growth vs. the 18% in 2000 and double-digit gains every year since 1995.

Analysts expect flat earnings this year and predict that the Whitehouse Station, N.J., company will see just 10% EPS growth in 2003.

Contrast that with New York-based Pfizer, which sees earnings growth of 21% this year and 15% next. Merck's market value of $133 billion is roughly half Pfizer's.

"The company has lost its credibility," said Raymond James analyst Mike Krensavage. "It looks like they can't…

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