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BRISTOL-MYERS SQUIBB COMPANY

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Bristol Myers Squibb : Merck sales disappoint as Januvia, Remicade fall short

05/05/2016 | 08:49am EDT
A view of the Merck & Co. campus in Linden, New Jersey

(Reuters) - Merck & Co Inc (>> Merck & Co., Inc.) on Thursday reported lower-than-expected quarterly revenue, hurt by disappointing sales of its Januvia diabetes treatment and Remicade arthritis drug.

(Reuters) - Merck & Co Inc (>> Merck & Co., Inc.) on Thursday reported lower-than-expected quarterly revenue, hurt by disappointing sales of its Januvia diabetes treatment and Remicade arthritis drug.

But the second-largest U.S. drugmaker beat first-quarter earnings forecasts because of cost controls and a weakening dollar, and it slightly raised its full-year profit outlook.

Combined sales of Januvia and a related combination medicine called Janumet edged up 1 percent to $1.41 billion, $30 million shy of Wall Street expectations. Demand for the drugs, Merck's biggest franchise and former sparkplugs for company growth, has waned due to new competition, including from Eli Lilly & Co's (>> Eli Lilly and Co) Jardiance and other members of a family of medicines called SGLT-2 inhibitors.

Remicade sales fell 30 percent to $349 million, $25 million below forecasts. The injectable treatment for rheumatoid arthritis faces escalating competition in Europe from cheaper biosimilars.

A bright spot in the earnings report was Keytruda, a new cancer treatment that works by taking the brakes off the immune system. Its sales rose to $249 million from $83 million a year earlier, slightly above expectations.

But Keytruda sales are ramping up more slowly than those of Bristol-Myers Squibb Co's (>> Bristol-Myers Squibb Co) similar new immuno-oncology product called Opdivo, which also treats melanoma and lung cancer and is being tested for an array of other types of cancer. Its sales jumped to $704 million in the quarter.

For Merck, "pressure on important marketed products such as Januvia and Remicade will likely limit near-term growth opportunities" and offset faster-growing products like Keytruda, Credit Suisse analyst Vamil Divan said in a research note. Sales of animal health products were flat at $829 million, about $20 million below Wall Street forecasts, but would have risen 9 percent if not for the weakening dollar, which reduces sales outside the United States, Merck said.

Total revenue slipped 1 percent to $9.31 billion, below the average estimate of $9.46 billion among analysts surveyed by Thomson Reuters I/B/E/S.

Net income rose to $1.12 billion, or 40 cents per share, from $953 million, or 33 cents per share, a year earlier.

Excluding special items, Merck earned 89 cents per share, beating Wall Street expectations by 4 cents.

Merck raised its full-year earnings forecast to a range of $3.65 to $3.77 per share from its prior outlook of $3.60 to$3.75. It increased the low end of its sales forecast to $39.0 billion from $38.7 billion while keeping the top end at $40.2 billion.

(Additional reporting by Natalie Grover in Bengaluru; Editing by Lisa Von Ahn)

By Ransdell Pierson


ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
BRISTOL-MYERS SQUIBB COMPANY 1.84% 68.73 Delayed Quote.10.80%
MERCK & CO., INC. 0.62% 78.33 Delayed Quote.-4.24%
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Sales 2021 46 121 M - -
Net income 2021 7 797 M - -
Net Debt 2021 28 265 M - -
P/E ratio 2021 20,2x
Yield 2021 2,83%
Capitalization 153 B 153 B -
EV / Sales 2021 3,94x
EV / Sales 2022 3,52x
Nbr of Employees 30 250
Free-Float 75,3%
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Giovanni Caforio Chairman & Chief Executive Officer
David V. Elkins Chief Financial Officer & Executive Vice President
Paul von Autenried Chief Information Officer & Executive VP
Rupert J. Vessey Executive VP-Research & Early Development
Joseph E. Eid Senior VP & Head-Global Medical Affairs
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