If you've misjudged what's happened in 2005, how can you give guidance for 2006 and 2007?

It is still too early to know if (Merck) will be able to win cases on a consistent basis,

It certainly looks like Clark is willing to make tough decisions. I think eliminating 11 percent of the company is a big, major step for them. It will be really hard to maintain the corporate culture with so many positions being eliminated.

This is most concerning as it's the third late-stage failure they've had in the past year.

It was doing poorly with the warning of rare liver problems and now with this other warning it's hard to say how much more weakness you'll see there.

Therapeutic substitution - substituting one product for another in the same class - just hasn't happened yet.