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Financial Report: Merck

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Merck

4Q Revenues: $6 billion (+5%)

4Q Earnings: $473.9 million* (earnings were $1.1 billion 4Q2005)

FY Revenues: $22.6 billion (+3%)

FY Earnings: $4.4 billion (-4%)

Comments: Singulair sales were $960 million for the quarter, up 17% and sales for the year were $3.6 billion, up 20%. Global sales of Zetia and Vytorin, as reported by the Merck/Schering-Plough partnership, reached $1.1 billion for the quarter, up 46% and for the year were $3.9 billion, up 60%. Zocor sales were down 65% to $379 million in the quarter and for the year were down 36% to $2.8 billion, due to loss of exclusivity in June 2006. Total vaccine sales were $683 million for the quarter, up more than 100% and $1.9 billion for the year (+69%). The company launched three new vaccines in 2006: Rotateq, Zostavax and Gardasil. Results for the quarter included $75 million added to the Vioxx legal defense reserve and a $48 million charge to establish a legal defense reserve for Fosamax litigation that alleges causes osteonecrosis of the jaw. R&D expenses were $1.7 billion for the quarter and $4.8 billion for the year, up 55% and 24% respectively. Restructuring costs were $55.8 million for the quarter and $142.3 million for the year.

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