Merck reports net income for Q4

Merck has reported a net income of $1.64 billion, or $0.78 per diluted share, for the fourth quarter of 2008, compared to a net loss of $1.63 billion, or $0.75 per diluted share, in the fourth quarter of 2007.

The company reported $7.8 billion, or $3.64 per diluted share, in net income for full year 2008, compared to $3.3 billion, or $1.49 per diluted share, for the full year 2007.

For the fourth quarter of 2008, worldwide sales were $6 billion, a decrease of 3%, compared to $6.24 billion for the fourth quarter of 2007. Worldwide sales were $23.9 billion for full year 2008, a decrease of 1%, compared to $24.2 billion for 2007. Foreign exchange provided an unfavorable effect to global sales performance of 1% for the quarter and a favorable effect of 3% for the year.

Richard Clark, chairman, president and CEO of Merck & Co, said: The quarterly and yearly results we reported reflect both the challenges we faced in 2008 and the benefit of our broad product portfolio. In 2008 we improved efficiencies, managed through a dramatically changing industry environment and took actions designed to better position Merck for success. And we did so during a very difficult and unsettling time for the US and global economies.

By focusing on our core strengths, the new Merck we are building will maximize the value of our current product portfolio and our pipeline. That will enable us to pursue growth through initiatives such as Merck BioVentures and emerging markets as well as the right strategic opportunities.