UPDATE: Merck Posts Upbeat Q3 Profit
Merck & Co (NYSE: MRK) reported a drop in its third-quarter profit.
Merck's quarterly profit declined to $1.12 billion, or $0.38 per share, down from $1.73 billion, or $0.56 per share, in the year-earlier quarter. Its adjusted earnings fell to $0.92 per share from $0.95 per share.
Its sales dropped to $11.03 billion from $11.49 billion. However, analysts were estimating earnings of $0.87 per share on revenue of $11.1 billion.
Merck now expects 2013 adjusted earnings of $3.48 to $3.52 per share, versus its earlier forecast of $3.45 to $3.55 per share.
Merck shares gained 1.53% to $47.25 in pre-market trading.
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