Wednesday, January 30, 2008

Merck's earnings surge beats forecast

Merck's earnings surge beats forecast
Drugmaker posts higher operating income and matches expectations for sales. It also reaffirms 2008 earnings guidance.

NEW YORK (CNNMoney.com) -- Merck & Co. announced a surge in fourth-quarter operating earnings Wednesday that beat analysts' forecasts, while sales matched expectations..

The New Jersey-based drugmaker said earnings before extraordinary charges jumped to 80 cents per share, without charges, in the fourth quarter of 2007, while sales edged up 3% to $6.2 billion.

Analysts had forecast a 47% a surge in earnings per share to 74 cents without charges, and 4% increase in fourth-quarter sales to $6.2 billion, according to a consensus from Thomson Financial.

Merck (MRK, Fortune 500) also reaffirmed its full-year 2008 guidance to a range of $3.28 to $3.38 per share, without charges.

With charges, the company lost 75 cents per share in the fourth quarter. The charges were related to a $4.85 billion settlement over the withdrawn arthritis painkiller Vioxx.

CNN

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