Merck & Co misses forecasts, as 4th-qtr sales fall 3%
US pharma major Merck & Co (NYSE: MRK) saw its shares down 3.25% at $48.76 kid-morning, after it posted disappointing 2015 financial results and below expectations guidance for 2016.
Revenue for the fourth quarter of 2015 fell 3% to $10.22 billion, below analysts' expectations of $10.35 billion, impacted by the stronger dollar. Had this not been the case. Net income attributable to the company fell to $976 million from $7.32 billion in 2015, when Merck benefitted from a significant gain from the sales of its consumer business for $10.6 billion to Germany’s Bayer. Earnings per share were $0.35 compared with $2.54 in 2015.
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