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ARTICLE | Financial News

Merck's revenues miss; EPS guidance narrowed

October 29, 2013 12:46 AM UTC

Merck & Co. Inc. (NYSE:MRK) narrowed its 2013 non-GAAP EPS guidance after reporting 3Q13 revenues that just missed the Street. Revenues in the quarter were down 4% to $11 billion, including a 2% negative impact from foreign currency exchange. The Street was expecting $11.1 billion. Pharmaceutical sales in the quarter fell 4% to $9.5 billion. Combined worldwide sales of the pharma's diabetes drugs Januvia sitagliptin and Janumet sitagliptin/metformin slipped 1% to $1.4 billion in the quarter. Merck reported 3Q13 non-GAAP diluted EPS of $0.92, beating the Street's estimate of $0.88 but down from $0.95 in the prior year's quarter.

Merck narrowed its 2013 non-GAAP EPS guidance range to $3.48-$3.52. The pharma had previously guided to $3.45-$3.55. Merck did reiterate that it expects 2013 sales to be about 5-6% below 2012 levels. The pharma recorded $47.3 billion in 2012 sales. The Street was expecting EPS of $3.47 on full-year revenues of $44.4 billion. ...