Merck & Co ups earnings guidance
US drug major Merck & Co says that, subject to final review of its first-quarter results, it anticipates its first-quarter 2007 earnings per share will be $0.84, excluding restructuring charges related to site closures and position eliminations, and its reported EPS will be $0.78. The firm attributed these anticipated results to strong revenue performance across its range of products. The company also raised its anticipated 2007 full-year EPS range to $2.75-$2.85, excluding restructuring charges related to site closures and position eliminations, and its full-year 2007 reported EPS range to $2.60-$2.75.
This guidance, Merck noted, does not reflect the establishment of any reserves for any potential liability relating to the Vioxx (rofecoxib) litigation.
As a result of this much higher-than-expected preliminary guidance, Merck's share price rose 3.9% to $48.19 on April 12. The firm will announce its first-quarter figures on April 19.
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