Merck & Co. to cut manufacturing

Job cuts are ahead for Merck & Co. The drug company has approved a restructuring program meant to streamline its manufacturing and supply network and reduce its global real estate footprint. The company says the program will cost $800 million to $1.2 billion to implement; some 55% of the costs will be cash outlays for employee severance and facility shutdowns. The rest will be noncash expenses such as accelerated depreciation. The company anticipates completing the program by the end of 2023. It expects charges of $500 million this year, $187 million of which were in the first quarter.