Will Merck Survive Vioxx?

Listening to Ray Gilmartin, you can't help but be struck by how matter-of-fact and calm the man seems. The 63-year-old Merck chairman and CEO is soft-spoken, quick with a smile, and unfailingly polite, no matter how pointed the question he is asked. Interviewing him, as FORTUNE did at length recently, you'd hardly guess that he is facing the most serious crisis of his ten-year tenure atop the storied $22-billion-a-year pharma giant.