Merck & Co. reports 8% Q1 worldwide sales drop

WHITEHOUSE STATION, N.J. Merck & Co. said its merger with Schering-Plough was "progressing as planned" in its first quarter 2009 financial report Tuesday.

That news coincided with worldwide sales of $5.4 billion, an 8% decrease from the same period last year, including a 3% decrease due to foreign exchange rates, reduced by a further 3% due to the loss of market exclusivity for the osteoporosis drug Fosamax (alendronate sodium). Net income for the quarter was $1.425 billion, compared with $3.3 billion in first quarter 2008.

The company reported augmenting its pipeline by signing agreements with Insmed, Cardiome, Santen, Medarex and Massachusetts Biologic Labs, but delayed filing for regulatory approval of the investigational migraine drug telcagepant.

"Our first-quarter results in part reflect the impact of the difficult global economy on patients, providers and payers, but we remain on track to meet our full-year earnings guidance," president and CEO Richard Clark stated. "We believe our planned merger with Schering-Plough will accelerate Merck's transformation into a global healthcare leader, built for sustainable growth and success."