Merck & Co shares slump as revenue drops
The share price of US pharma giant Merck & Co (NYSE: MRK) was down 5% by lunchtime US time Friday at $58.74, after the company reported financial results.
A few aspects of its third-quarter 2017 results could have worried investors, among them increasing competition, a costly cyber attack and an expensive cancer drug collaboration.
Revenue for the quarter was $10.33 billion, down 2% on the third quarter of 2016 and roughly $200 million less than the consensus of Wall Street analysts.
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