Earnings up, earnings down for drugmakers

A plethora of drug-and-device results today, from falling profits at Boston Scientific and Schering-Plough to higher earnings and flat sales at Merck. Here's the roundup:

  • Merck posted net income of $1.77 billion, up from $1.68 billion year-over-year; per-share results were 82 cents compared with 77 cents a year ago. Discounting foreign-currency gains, sales were relatively flat, slipping by just 1 percent to 6.05 billion. The company suffered a 48 percent drop in Fosamax revenues because of generic competition, while Vytorin and Zetia sales fell 9 percent. Singulair revenues--expected to rise--stayed flat. But blood-pressure meds Hyzaar and Cozaar saw sales grow by 11 percent to $941 million.
  • Schering-Plough's earnings suffered on Organon acquisition costs, ending up at $398 million, or 24 cents a share, compared with $517 million, or 34 cents, last year. Excluding those items, EPS would have come to 45 cents, the company says. Sales jumped by 55 percent to $4.92 billion--with $1.4 billion of that increase coming from Organon, which it bought last November. A standout drug was Remicade, which saw sales leap by 41 percent to $557 million.
  • Boston Scientific's earnings fell 15 percent to $98 million on restructuring charges and declining stent sales. Drug-coated stent revenues plummeted by 30 percent in the U.S. as Medtronic launched its new drug-coated product; worldwide, they fell 13 percent to $382 milion. Total sales came to $2.02 billion.
  • Biogen Idec boosted its earnings to 70 cents per share for the quarter, compared with 54 cents a year ago, on revenues of $993 million. That's a 28 percent increase over last year's second-quarter sales. On an adjusted basis, EPS came to 91 cents, beating analysts' estimates of 84 cents.
  • Forest Laboratories posted EPS of 79 cents per share, down from 83 cents a year ago; the numbers suffered from a charge related to Forest's parting ways with Daiichi Sankyo on Azor marketing. Revenues grew by 4.2 percent to $967 million. Sales of its antidepressant, Lexapro, grew by 6.1 percent to $894 million, while Alzheimer's drug Namenda pulled in $219 million, up 14 percent.

- see Merck's earnings at MarketWatch
- get Boston Scientific's news from the Wall Street Journal
- check out Biogen's numbers at MarketWatch
- read Schering's results, also at MarketWatch
- find Forest's earnings release

Suggested Articles

Post-Tesaro buyout, don’t expect GlaxoSmithKline to spring for more commercial-stage oncology products anytime soon.

Already a fast-growing blockbuster, Novo Nordisk's injectable Ozempic won a major heart-helping FDA nod that could bode well for its oral sibling.

Bayer's new Vitrakvi for tumors with NTRK gene fusions is meeting skepticism in England and Germany, where cost watchdogs on Friday rejected it.