22 July 1998
Second-quarter sales up 14% at Merck

THE divestment of Mercks crop protection business, and the formation of a joint venture with Merial last year, affected the companys sales growth in the second quarter and the first half.

Merck, the US pharmaceuticals giant, reported second-quarter net income of $1.31 billion (£798m), up 14%, on sales up 9% to $6.5bn.

The company indicated that full-year earnings per share were likely to be at the lower end of the previously indicated range of $4.27 to $4.39. Analysts were disappointed with the performance and the shares fell 7.2% to $128.5.

  • Financial Times 22/07/98 page 30