Drug Makers' Profits Beat Views Despite Lower Sales

Merck & Co.'s (MRK) second-quarter profit fell 12% on merger costs and lower vaccine sales, while cost cuts helped merger partner Schering-Plough Corp. (SGP) report higher quarterly earnings.

Both companies faced headwinds from a weak economy and unfavorable currency-exchange rates, as well as continued sales declines for their jointly marketed cholesterol drugs, which have been hurt by lingering concerns about their efficacy and safety.

Merck, Whitehouse Station, N.J., is in the process of acquiring Schering-Plough in a cash-and-stock deal valued at about $41 billion when it was announced in March. The deal is subject to government antitrust clearance and approval by both drug makers' shareholders, and is seen closing by the end of the year.

Read Full Article from Wall Street Journal

- Posted: 2009-07-21 10:34:07

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