Merck also said it remains on track to eliminate 7,000 jobs by the end of 2008, having cut 6,000 positions as of Sept. 30.
The company reaffirmed its outlook for profit excluding items of between $3.08 and $3.14 per share in 2007.
Including a $4.85 billion settlement for Vioxx lawsuits, legal and restructuring costs and other items, Merck expects it profit to range between $1.45 and $1.51 per share for the full year.
In 2008, the company expects profit between $3.96 and $4.06 per share. Excluding one-time items, earnings per share are projected to range between $3.28 and $3.38.
Analysts polled by Thomson Financial have forecast 2007 profit of $3.15 per share and 2008 profit of $3.39 per share. Those estimates typically exclude one-time items.
Merck shares fell 80 cents to $57.97 in premarket trading.
Growth in 2008 is expected to be driven by higher sales of the company's human papilloma virus vaccine Gardasil and diabetes drug Januvia, among other products.
"Despite the loss of marketing exclusivity for Fosamax in the United States in February 2008, the company anticipates solid earnings growth in 2008," said Peter N. Kellogg, chief financial officer.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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