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Merck Revises Outlook UpwardTRENTON, Feb. 28 (AP) — Citing strong revenue in the current quarter, Merck & Company released a forecast Wednesday for first-quarter profit well above analysts expectations, and also increased its forecast for 2007. The forecast pushed shares up 97 cents, to $44.15 on the New York Stock Exchange, amid a market rally. The company, based in Whitehouse Station, N.J., said it expected to post first-quarter earnings of 58 cents to 64 cents a share, or 63 cents to 67 cents excluding revamping charges. Analysts surveyed by Thomson Financial were expecting 60 cents on average, excluding charges. Merck, which makes the osteoporosis treatment Fosamax and the asthma medication Singulair, also said it expected earnings of $2.55 to $2.65 a share for the full year, excluding overhaul charges. That was up from its Jan. 30 forecast of $2.51 to $2.59 a share, excluding 10 to 15 cents in revamping charges. Analysts were anticipating a profit of $2.62, excluding charges. Five new Merck vaccines and other medicines were approved last year, but the company lost revenue from its top-selling drug, Zocor, a cholesterol fighter. Zocor, which had $4.4 billion in sales in 2005, lost patent protection last June and faces increasing generic competition. The newer medicines include Januvia, a new type of diabetes drug, and Gardasil, the first vaccine against the sexually transmitted virus that causes cervical cancer. Last week, under pressure from medical and parents groups, the company suspended its lobbying campaign to persuade states to pass laws mandating the vaccine for sixth-grade girls. The high price of Gardasil, $360 wholesale for the three required doses, has also limited the number of doctors stocking it. Tag CloudExternal InformationAdditional InformationSuit Sheds Light on Clintons? Ties to a Benefactor...Motor show yet to hear oil price signal... Ex-I.R.S. Agent Says Tax Evasion by Real Estate Partners Is Huge... Is It Champagne or a Substitute? Refined Palates Can Be Fooled... Where Am I?News Main Page - Business - Merck Revises Outlook Upward |
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