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New Jersey Partners Merck, Schering Have Tough Quarter.
Byline: Lewis Krauskopf
Apr. 23--Two New Jersey drug makers in transition, with fortunes tied to the same franchise, reported mixed first-quarter results Thursday.
Merck & Co. reported that net income fell 5 percent, while Schering-Plough Corp. posted a $73 million loss. The companies share in the development and marketing of a cholesterol medicine, Vytorin, which officials reiterated Thursday was expected to launch in the third quarter.
"Obviously, all eyes are on the Vytorin approval and launch in the U.S.," said Girish Tyagi, an analyst with Thomas Weisel Partners.
Whitehouse Station-based Merck reported net income of $1.6 billion in the quarter. Last year's quarter included results from its Medco pharmacy benefits unit, which the company spun off in the fall. Without Medco, Merck said income from continuing operations rose nearly 5 percent. Earnings per share of 73 cents beat by a penny the consensus projection on Wall Street, according to Thomson First Call.
Total sales rose 1 percent, to $5.6 billion, helped by foreign exchange rates. Vioxx, an arthritis pill, and Singulair, for allergies and asthma, posted strong gains over the first quarter last year.
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