Merck's profit rises on 12% jump in sales |
| MarketWatch - Oct 22, 2007 |
Merck & Co. reported substantially higher third-quarter earnings early Monday, due largely to strong sales and a hefty charge taken during last year's quarter related to its ongoing Vioxx litigation.
The Whitehouse Station, N.J.-based drugmaker posted a profit of $1.53 billion, or 70 cents a share, compared with $940.6 million, or 43 cents a share, for the same period last year. Both quarters included costs associated with the company's restructuring.
This year's quarter also included a charge of $325 million, or 15 cents a share, related to its takeover of NovaCardia Inc., a gain of $100 million for the settlement of certain patent disputes, and the addition of $70 million to a defense fund for its on-going litigation over its recalled drug Vioxx. Last year's quarter include a charge of $598 million to its Vioxx defense fund.
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- Posted: 2007-10-22 09:59:02
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