The issue presents itself as this: With all of its overhead, Merck has some of the lowest margins in the business. And Singulair had a really good margin and big sales. So the poor margin problem became worse. And Merck has too few higher-margin products to replace this with. And since Wall Street expects un-shrinking margins and the old excuse of merger costs is a bit too old (even though it seems the integration has gone neither too well or too efficiently). So it will be more of the same when you have no really decent immediate remedies to the financial squeeze. Keep the dividends - increase them even - and reduce your costs by chucking out employees. FInd the higher-priced ones as long as you are tossing people overboard. And anyone that is not needed like yesterday, toss them. The good-old Merck arrogance dictates that if we ever need them later everyone will come right back. We only need we ask them. Best wishes to those whose families will be helping Merck pay their dividends. And hopefully being unemployed will not turn you into an Ayn Randian leach on society - dragging down the geniuses that run Merck?