Merck – One timers and Forex weigh on Merck’s guidance
MRK reported its 2Q 2013 results: the net sales decline by 11% ($11.0b) including negative foreign exchange impact by 3% compared to last year. Company reiterated its 2013 non-GAAP EPS guidance ($3.45 and $3.55) while revised its GAAP EPS to be between $1.84 and $2.05 (previous $1.92-2.16). MRK expects its 2013 revenue to be approximately 5 to 6% lower than last year with foreign exchange accounting for approximately 3% points of the decline. The revenue decline was mainly due to loss of exclusivity of Propecia, Clarinex, Maxalt and Singulair and strengthening of US dollars.
