Merck & Co posts fourth-quarter 2010 loss of $531 million as a result of charges; drops alliance with Galapagos
US drugs giant Merck & Co (NYSE: MRK) saw its shares fall 3.7% to $32.57 2.7% shortly after the markets opened yesterday, as the firm posted fourth-quarter 2010 results that missed forecasts, revealing a loss for the period due to almost $4 billion of charges relating to write-offs and restructuring costs relating to its $41 billion acquisition of Schering-Plough.
Merck said the fourth quarter net loss amounted to $531 million, or $0.17 a share, compared with a profit of $6.49 billion, or $2.35 per share in the year-earlier period. Global revenues for the fourth quarter of 2010 were $12.1 billion. For the full year, worldwide sales were $46.0 billion and GAAP net income was $861 million. Analysts surveyed by FactSet forecast earnings per share of $0.83 and sales of $11.55 billion for the quarter.
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