Agence France-PresseOctober 28, 2013 10:48
Drug giant Merck posted Monday a 35 percent drop in third-quarter profit on weaker sales and higher restructuring costs as it struggles with the loss of exclusivity on key drugs.
Net income was $1.12 billion in the third quarter, down from $1.73 billion in the year-ago quarter.
Though the company sharply cut spending on research and development, and on marketing, restructuring costs jumped eightfold from a year ago, to $870 million.
Third-quarter earnings per share were 38 cents, down from 56 cents a year earlier.