Merck forecasts slightly higher 2007 profit
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Merck & Co.  on Wednesday stood by its forecast of flat earnings for 2006 and projected slightly higher 2007 results, in line with Wall Street expectations, as the drugmaker grapples with generic competition for a number of its medicines.
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NEW YORK/WHITEHOUSE STATION, New Jersey  - Merck & Co.  expects to seek U.S. approval in 2007 for drugs to treat HIV, cholesterol and insomnia, and it aims to have another four products in late-stage trials by mid-year, the company said on Tuesday.
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The withdrawal of painkiller Vioxx will reduce 2005 earnings of Merck &amp; Co. Inc. to between $2.42 and $2.52 a share, below the already diminished expectations of Wall Street analysts, the huge drug maker said Wednesday.
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Merck & Co. Inc.MRK.N, reeling from  the recent withdrawal of its Vioxx arthritis drug, on Wednesday  reaffirmed its 2004 earnings outlook but said earnings in 2005  will be lower than analysts had expected.
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The drugmaker said its third-quarter earnings more than doubled on a surge in sales of its blood thinner Plavix, and it raised its outlook for adjusted 2007 earnings.
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Merck & Co.  expects to seek U.S. approval in 2007 for drugs to treat HIV, cholesterol and insomnia, and aims to have another four products in late-stage trials by midyear, the company said on Tuesday.
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Merck & Co. Inc., reeling from the  recent withdrawal of its Vioxx arthritis drug, on Wednesday  said 2005 earnings will decline to levels below Wall Street  expectations, the third straight year of lower results.
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Merck & Co. Inc., reeling from the recent withdrawal of its Vioxx arthritis drug, said Wednesday it expects 2005 earnings of &#36;2.42 to &#36;2.52 a share -- a decline from expected 2004 results.
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U.S. stocks traded higher on  Wednesday, with shares of drugmaker Merck & Co. MRK.N helping  to boost the Dow after its 2005 forecast offered relief to some  investors on Wall Street.
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Merck & Co.  said on Monday that quarterly earnings rose 12 percent on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4 percent.
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Merck & Co. Inc.MRK.N, reeling from  the recent withdrawal of its Vioxx arthritis drug, said  Wednesday it expects 2005 earnings of $2.42 to $2.52 a share --  a decline from expected 2004 results.
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Merck and Co  on Wednesday reported a fourth-quarter loss due to charges from a costly settlement related to its withdrawn Vioxx arthritis drug, but results soundly beat Wall Street forecasts and lifted its shares 2 percent.
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Better-than-expected profit news from Merck also raised the mood on Wall Street, helping shares partly recover from a steep sell-off Friday.
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Drugmaker Merck & Co. Inc.  boosted its 2007 earnings forecast on Wednesday, based on early revenue indications from a range of products, sending its shares up nearly 3 percent in early electronic trading.
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Economic growth picked up slightly in the second quarter of 2007, official data showed Friday, but analysts forecast slower expansion later this year owing to recent interest rate hikes.
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Monsanto Co.  said on Friday it is increasing its earnings outlook for fiscal 2007, due to strong results from the corn planting season in the U.S. and from the company's herbicide business.
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Eli Lilly and Co. on Thursday  reaffirmed it expects its 2006 earnings to rise 8 percent to 12  percent, but projected disappointing profit growth for 2007  even though its revenues will grow at a faster pace next year.