Generic competition cuts Merck's Q1 sales, profit

Drugmaker Merck & Co. is reporting lower first-quarter results and cutting its 2013 profit forecast by 15 cents a share. It also is announcing a huge share buyback, up to $15 billion worth of its stock.

Merck's first-quarter profit fell 8.3 percent and revenue by 9 percent, mainly because competition from generics slashed sales of its top seller, asthma and allergy drug Singulair.

The Whitehouse Station, N.J. company says net income was $1.59 billion, or 52 cents per share, down from $1.74 billion, or 56 cents per share, a year earlier.

Adjusted earnings were 85 cents per share, a nickel more than analysts expected.

Revenue totaled $10.67 billion, down from $11.73 billion. Analysts expected $11.11 billion.

shares fell 99 cents to $46.01 in premarket trading.

not rated yet
add to favorites email to friend print save as pdf

Related Stories

CenturyLink 3Q net income falls as expenses rise

Nov 02, 2011

(AP) -- Phone company CenturyLink Inc. says its third-quarter net income fell as rising operating expenses related to its April acquisition of larger phone company Qwest overshadowed increased revenue.

Merck's 2Q net falls on charges, but sales rise

Jul 27, 2012

Merck & Co.'s second-quarter net income fell 11.4 percent as slightly higher sales were offset by acquisition and restructuring costs. However, the drugmaker beat Wall Street expectations, and Merck shares ...

Amazon.com posts lower 4Q net income

Jan 29, 2013

Amazon.com says its fourth-quarter net income fell 45 percent, as higher revenue failed to keep pace with increased spending on order fulfillment and digital content.

Recommended for you

Supercomputers link proteins to drug side effects

13 hours ago

New medications created by pharmaceutical companies have helped millions of Americans alleviate pain and suffering from their medical conditions. However, the drug creation process often misses many side ...

No added benefit proven for umeclidinium/vilanterol in COPD

20 hours ago

The drug combination umeclidinium/vilanterol (trade name Anoro) has been approved since May 2014 for adults with chronic obstructive pulmonary disease (COPD). In an early benefit assessment pursuant to the Act on the Reform ...

User comments