Merck's 2008 Profit Forecast Disappoints Analysts |
| Bloomberg - Dec 4, 2007 |
Merck & Co., the third-largest U.S. drugmaker, gave a 2008 earnings forecast that may miss analysts' expectations as generic competition threatens sales. Merck fell the most in about a month in New York trading.
Profit excluding one-time items will be $3.28 to $3.38 a share in 2008, the Whitehouse Station, New Jersey-based company said today in a statement. The median forecast of 20 analysts in a Bloomberg survey was $3.36 a share.
Merck needs to replace $3.1 billion in annual revenue it will start losing this year to generics of its osteoporosis drug Fosamax by raising sales from newer medicines and cholesterol pills. Merck has already gained 35 percent this year on the New York Stock Exchange, helped by job cuts and sales of the cervical cancer vaccine Gardasil and diabetes pill Januvia.
Read Full Article from Bloomberg
- Posted: 2007-12-04 10:45:48
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