Merck Q4 net drops 14 pct. on generic competition
WHITEHOUSE STATION, N.J. (AP) — Merck & Co.'s is reporting a 14 percent decline in fourth-quarter as generic competition cut into the sale of one-time blockbuster medicines, as well as unfavorable currency exchange rates that reduced overseas revenue.
The world's third-biggest drugmaker reported net income of $781 million, or 26 cents per share on Wednesday, down from $908 million, or 30 cents per share, a year earlier.
The maker of Type 2 diabetes pill Januvia says that excluding one-time items, net income was $2.6 billion, or 88 cents per share. That's a penny shy of Wall Street expectations, according to a poll by FactSet.
Revenue totaled $11.32 billion, down 4 percent. Analysts expected $11.36 billion.
Merck, based in Whitehouse Station, N.J., forecast 2014 profit of $2.25 to $2.47 per share.