UPDATE: Merck Posts Drop In Q4 Profit

Merck & Co

reported a drop in its fiscal fourth-quarter profit. Merck's quarterly profit declined to $781 million, or $0.26 per share, versus a year-ago profit of $908 million, or $0.30 per share. Its adjusted earnings climbed to $0.88 from $0.83 per share. Its sales fell to $11.32 billion versus $11.74 billion. However, analysts were estimating earnings of $0.89 per share on sales of $11.40 billion. Merck projects full-year 2014 earnings of $3.35 per share to $3.53 per share on sales of $42.4 billion to $43.2 billion. Merck shares gained 2.92% to $55.07 in pre-market trading.