Merck plans more job cuts; 2Q profit rises

Drugmaker Merck & Co.'s second-quarter profit nearly tripled from a year ago, when about $2 billion in charges hurt results. Merck also said Friday that it will cut up to 11,830 jobs.

The company has been under a restructuring program since it bought Schering-Plough Corp. in November 2009 and started eliminating nearly 20,000 positions. Merck said Friday it's on track to achieve that program's goal -- $3.5 billion in annual cost savings -- by the end of 2012.

"Merck is taking these difficult actions so that we can grow profitably and continue to deliver on our mission well into the future," Chief Executive Kenneth Frazier said in a statement.