Merck missed revenue estimates but beats on bottom line.
Generic drugs and patent expiries leading to Year-over-Year declines in
revenues. Growth in vaccine, immunology and HIV business sales partially offset
the decline from other segments.
Merck and Co., Inc. (MRK), one of the largest pharmaceutical
companies in the world, seems to be a little under the weather. In its earnings
announcement for the third quarter of fiscal year 2013 (3QFY13), it reported a
4% drop in revenues from the comparable year-ago quarter. In the three months,
it recorded world business revenues of $11.03 billion, which were lower than analyst estimates
of $11.13 billion for the quarter. Its non-GAAP (Generally Accepted Accounting
Principles) earnings also fell 3.2% year-over-year to 92 cents per share, but
were better than analyst expectations of 88 cents.
Gross margins for the period fell 1.2 percentage points to
62.8% due to acquisition-related expenses and restructuring costs. Read more.
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