Merck & Co. Inc. (NYSE:MRK) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Despite exceeding Wall Street analyst estimates, investors are focused on the revenue drop as shares are down 2.89%.
Merck & Co. Inc. Earnings Cheat Sheet
Results: Net income increased 67.99% to $2.54 billion ($2.54 per diluted share) in the quarter versus a net gain of $1.51 billion in the year-earlier quarter.
Revenue: Decreased 4.51% to $11.74 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Merck & Co. Inc. reported adjusted net income of $2.54 per share. By that measure, the company beat the mean analyst estimate of $0.81. It beat the average revenue estimate of $11.48 billion.
Quoting Management: “Merck overcame significant challenges last year and delivered strong results in 2012 by successfully growing our businesses, expanding geographically and reducing our expenses. As we begin 2013, we are well-positioned to further execute on our business strategy,” said Kenneth C. Frazier, Chairman and CEO of Merck…