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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German drugs and chemicals group Merck has reported quarterly earnings that have easily beaten forecasts thanks to strong sales of cancer drug Erbitux and a one-off payment for an alcoholism drug.
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The Toronto stock market posted a small gain today, pushed higher by the gold sector, but drug company Merck &amp; Co. took the Dow Jones industrial average into the red after taking its arthritis drug Vioxx off the market.
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Merck &amp; Co. forecast higher profit next year as it cuts jobs and boosts revenue through sales of a new diabetes drug and cervical cancer vaccine.
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Merck & Co. on Monday said second-quarter earnings rose on higher sales of its new vaccines and medicines, and the company raised its 2007 profit forecast amid continuing strong demand for the medicines.
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Helped by sales of generic drugs, the pharmacy benefit manager lifted its full-year profit forecast, sending its shares higher.
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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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WALL STREET analysts last night said a second experimental pain killer under development by Merck, the American drugs maker, could be delayed until 2007, after regulators asked for more information on the medicineâs safety.
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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 mid-year, the company said on Tuesday.
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Chemical maker DuPont Co  on Wednesday increased its 2007 financial outlook to reflect stronger-than-expected results in the fourth quarter and also raised expectations for 2008.
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Citing strong fourth-quarter results and prospects for growth in emerging markets, DuPont raised its earnings outlook for 2007 as well as its profit forecast for 2008.
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YESTERDAY Close $54.64 Change +$1.53 52-WEEK High $55.14 Low $42.29 Merck &amp; Co., the third-largest US drug maker, reported a 63 percent increase in earnings and raised its forecast for the year after a vaccine for cervical cancer and a new pill for diabetes drove sales higher.
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Eli Lilly and Co.  on Tuesday posted better-than-expected quarterly earnings and raised its 2007 forecast, helped by surging sales of its prescription drugs, including depression treatment Cymbalta.
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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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CVS Corp. , the No. 2 U.S. drugstore chain, posted a 2.7 percent rise in quarterly profit on Thursday, driven by strong sales of prescription medications and greater use of generic drugs, which are more profitable for pharmacies.
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Drugmaker Merck & Co. Inc.  boosted its 2007 earnings forecast on Wednesday, citing higher-than-expected sales of multiple products, including its cancer vaccine Gardasil and diabetes drug Januvia.
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Merck & Co. Inc.  shares could  rise to $70 by 2010 if the drugmaker continues to deliver on  its promise of double-digit earnings growth, Barron's said in  its October 29 edition.