Merck & Co Q3 net income drops

The company has reported sales of $5.94 billion for the third quarter of 2008, a decrease of 2%, compared to $6.07 billion posted in the third quarter of 2007. Diluted earnings per share for the third quarter of 2008 were $0.51, a decrease of 27%, compared to $0.70 in the prior-year period.

For the first nine months of 2008, Merck & Co recorded sales of $17.81 billion, a decrease of 1%, compared with $17.95 billion in the same period of 2007. The company posted net income of $6.2 billion, an increase of 28%, compared with $4.9 billion in the prior-year period. Diluted earnings per share for the first nine months of 2008 were $2.86, an increase of 28%, compared to $2.24 posted in the same period of 2007.

Richard Clark, chairman, president and CEO of Merck & Co, said: “Merck’s third quarter results show continued strong growth in a number of our recently launched products and the efficiencies we have realized throughout the business.

“Our focus remains on increasing revenue from our new and in-line products, fully funding innovative R&D, investing in growth opportunities, such as emerging markets, and becoming the most trusted partner in delivering value to our customers. With the right long-term strategy and our efforts to reshape Merck’s business, including today’s actions, I am confident we are building a solid foundation for achieving industry-leading performance in the future.”