“(Reuters) – Merck & Co Inc’s quarterly results beat estimates, helped by strong sales of its Januvia diabetes drug and Gardasil vaccine against cervical cancer, but the company forecast 2013 profit at the low end of expectations.
Merck also said Friday it will not seek approval until next year for osteoporosis treatment odanacatib, a delay that Jefferies analyst Jeffrey Holford said “will disappoint many investors,” and hurt shares today.
The stock fell 1.5 percent to $42.60 before the market opened.
The No. 2 U.S. drugmaker said it earned $1.4 billion, or 46 cents per share, in the fourth quarter. That compared with $1.51 billion, or 49 cents per share, in the year-earlier period, when it took charges for acquisition and restructuring expenses.
Excluding special items, Merck earned 83 cents per share. Analysts, on average, expected 81 cents, according to Thomson Reuters I/B/E/S.
Global company sales fell 5 percent to $11.74 billion, hurt by generic competition for its Singulair asthma drug, but still topped Wall Street targets of $11.48 billion.
The company forecast 2013 earnings of $3.60 to $3.70 per share, excluding special items. The midpoint of that range is below analysts’ estimate of $3.68 per share. The company earned $3.82 per share in 2012….”
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