Merck & Co sales and earnings fall, but latter still beat expectations

29 October 2013
merck-700

US pharma giant Merck & Co (NYSE: MRK) posted third-quarter 2013 financial results, with declines in both sales and earnings, hit by generic competition, but still managed to beat consensus estimates on the latter count. Merck’s shares dipped 2.6% to $45.35 by close of trading yesterday (October 28).

Revenues for the quarter were down 4% to $11.03 billion, missing consensus expectations of $11.13 billion. Revenues were hit by the genericization of several products and negative currency fluctuation (2%). Pharmaceutical sales also saw a 4% downturn to $9.5 billion, with Singulair (montelukast sodium) plunging 53% to $280 million due to generic competition starting in August 2012.

Including one-time items, third quarter 2013 earnings per share declined 32.1%. Merck said net income was $1.12 billion, or $0.38 per share, down from $1.73 billion, or $0.56 per share, a year earlier. Excluding the one-time items, net income would have been $2.73 billion, or $0.92 per share. Analysts surveyed by FactSet were expecting $0.88 per share

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Pharmaceutical