Merck & Co sales and earnings fall, hit by patent expiries, but beat expectations
Shares of US pharma giant Merck & Co (NYSE: MRK) tracked 2.9% lower to $41.98 Friday morning, when the company reported financial results for the fourth-quarter and full-year 2012, showing that net income has declined 7.3% to $1.4 billion, or $0.46 a share. Non-GAAP earnings per share of $0.83, excluding certain items, beat the $0.85 average estimates of 17 analysts polled by Bloomberg. Fourth-quarter worldwide sales were $11.7 billion, a decline of 5%, including a 2% unfavorable impact from foreign exchange.
2012 full-year GAPP net income rose 6.2% to $6.67 billion, with non-GAPP income of $11.74 billion, up 0.4%. Non-GAAP EPS was $3.82, excluding certain items; GAAP EPS came in at $2.16. Full-year worldwide sales were $47.3 billion, a fall of 2%, including a 3% unfavorable exchange impact. Merck’s shares were down 3.1% at $41.90 in midday trading.
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