Schering-Plough Purchase Hikes Merck Sales, Profit
From Associated Press (February 16, 2010)
WHITEHOUSE STATION, New Jersey -- Drugmaker Merck & Co. posts huge jumps in revenue and profit in the fourth quarter, mainly due to its purchase of longtime partner Schering-Plough Corp.
Merck says it made $6.49 billion as sales jumped to $10.09 billion, fueled by the addition of Schering-Plough's products and higher sales for Merck vaccines and some of its top-selling drugs. Those include asthma and allergy pill Singulair and blood pressure pills Cozaar and Hyzaar.
The Whitehouse Station, New Jersey, company is reporting earnings per share of $2.35.
The report is the first since Merck bought Schering-Plough in November for $41.1 billion, making the combined operation the world's second-biggest pharmaceutical company.
Posted: February 2010