Drugmaker Merck's Q4 profit, sales fall due to generic competition, unfavorable exchange rates

Associated Press + More

By The Associated Press

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.

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