Merck To Record $1.1 Billion Charge In Q3 2013 -- About $670 Million Is A Cash Charge

Not surprising, but still a heady number.

From last week's SEC filed Form 8-K, when the closing of Summit was announced, along with the additional 8,500 job losses, then:

. . . .The Company expects to record charges of approximately $900 million to $1.1 billion related to this program in 2013, a majority of which will be recorded in the third quarter. The Company estimates that approximately two-thirds of the cumulative pretax costs will result in cash outlays, primarily related to employee separation expense. Approximately one-third of the cumulative pretax costs are non-cash, relating primarily to the accelerated depreciation of facilities to be closed or divested. . . .

We will keep you posted.