Merck Increases Profits, Cuts Staff |
| Forbes - Feb 16, 2010 |
A takeover may have helped boost fourth-quarter earnings for Merck, but the integration of Schering Plough is also coming with a 15% staff cut.
The Whitehouse Station, N.J.-based drugmaker earned $6.5 billion, or 79 cents per share, compared with $1.6 billion, or 87 cents per share in the year-ago quarter. Sales for the fourth quarter hit $10.1 billion, up from $6 billion in the same period of 2008, driven at least partly by the added revenue from Schering Plough.
Yahoo! BuzzMerck ( MRK - news - people )’s November acquisition of Schering-Plough for $41.1 billion makes it the second largest pharmaceutical maker behind Manhattan-based Pfizer ( PFE - news - people ). The company's income got a boost from accounting-related items including a $7.5 billion gain associated with taking controlling interest in the Merck/Schering-Plough partnership and a $3.2 billion gain from the sale of Merck’s interest in Merial, an animal health company.
Read Full Article from Forbes
- Posted: 2010-02-16 11:31:48
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