Merck pares 2010 forecast, despite beat in quarter

Merck and Co issued a more cautious 2010 profit outlook on Friday and reported disappointing second-quarter sales of its vaccines and Singulair asthma drug, sending its shares down more than 3 percent.

The U.S. drugmaker said it had earned $752 million, or 24 cents per share, compared with $1.56 billion, or 74 cents per share, a year earlier.

The results included restructuring costs of $830 million from the company's $41 billion acquisition of Schering-Plough Corp in November.

Excluding these and other special items, profit was 86 cents per share, topping the analysts' average forecast of 83 cents, according to Thomson Reuters I/B/E/S.

Even so, Merck said it now expected 2010 earnings of $3.29 to $3.39 per share, scaling back the top end of its previous forecast of $3.27 to $3.41.

Read Full Article from Reuters

- Posted: 2010-07-30 11:28:20

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