Merck Profit Falls 57%, Misses Analysts Estimates

Merck & Co., the drugmaker buying rival Schering-Plough Corp., said first-quarter profit fell 57 percent, missing analyst estimates, as sales of its cholesterol and bone medicines declined.

Net income dropped to $1.46 billion, or 67 cents a share, from $3.3 billion, or $1.52, a year earlier when Merck had one- time payments from Iroko Pharmaceuticals and AstraZeneca Plc, the Whitehouse Station, New Jersey-based drugmaker said today in a statement. Excluding some items, Merck missed analyst estimates by 4 cents, and the drugmaker cut its 2009 revenue forecast to a range of $23.2 billion to $23.7 billion.

Read Full Article from Bloomberg

- Posted: 2009-04-21 07:28:55

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