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Merck Q4 net drops 14 pct. on generic competition
http://www.thenewstribune.com/2014/02/05/3029273/merck-q4-net-drops-14-pct-on-generic.htmlMerck Q4 net drops 14 pct. on generic competition
By LINDA A. JOHNSON
AP Business Writer
February 5, 2014 Updated 7 minutes ago
WHITEHOUSE STATION, N.J. — Merck & Co. reported a 14 percent decline in fourth-quarter profit as generic competition continued to cut into sales of one-time blockbuster medicines, and unfavorable currency exchange rates reduced overseas revenue.
Results fell just short of Wall Street expectations, but company shares appeared to be headed for six-year highs before the opening bell Wednesday after the world's third-biggest drugmaker announced a new and potentially lucrative alliance.
Merck entered into collaboration agreements with three other drugmakers to test its hot experimental cancer drug in combination with theirs. The drug, known only as MK-3475, is in a new class of cancer medicines that are meant to restore the immune systems's natural ability to spot and target cancer cells.
In premarket trading, Merck shares rose $1.11 to $54.62. Shares last traded in that range in early 2008.