“Merck KGaA (MRK), the German maker of the cancer drug Erbitux, reported third-quarter profit that exceeded analyst estimates and increased the full-year sales forecast on higher demand for its medicines.
Earnings before interest, taxes, depreciation and amortization excluding one-time items climbed 16 percent to 754.2 million euros ($960.8 million) from 652.5 million euros a year earlier, said in a statement. Analysts had predicted 739.9 million euros, the average of estimates compiled by Bloomberg.
Merck, which isn’t related to U.S. drugmaker Merck & Co., is eliminating jobs, closing facilities and reviewing its pipeline amid setbacks for some key medicines and declining sales of Erbitux. The German company has a target to save 300 million euros by 2014 as it expands outsideEurope, particularly in the U.S., Japan and China.”Twitter