Merck profit rises 2.2%; firm trims outlook |
| MarketWatch - Oct 26, 2012 |
Merck & Co.'s /quotes/zigman/574389/quotes/nls/mrk MRK -0.51% third-quarter earnings rose 2.2% on lower restructuring and acquisition-related costs, though a steep drop in Singulair sales contributed to the drug maker's bigger-than-expected decline in revenue.
The company also narrowed its full-year adjusted earnings estimate to between $3.78 and $3.82 a share from its prior forecast of $3.75 to $3.85 a share.
Merck, like its rivals, has been cutting costs as part of an effort to soften the hit from increased generic competition. The company's top-selling allergy and asthma medication Singulair lost patent exclusivity in August and the ripple-effect from generic versions of rival Pfizer Inc.'s (PFE) cholesterol fighter Lipitor have contributed to a decline in sales of Merck's anticholesterol drug Vytorin.
Merck has previously said it is on track to seek regulatory approval for six major new products by the end of 2013, including potential treatments for osteoporosis, insomnia and a next-generation vaccine against a cancer-causing virus. The drug maker also has been focusing on areas such as hepatitis C and diabetes.
Read Full Article from MarketWatch
- Posted: 2012-10-26 14:43:35
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
