KENILWORTH, N.J. (AP) – Merck & Co. (MRK) on Wednesday reported fourth-quarter net income of $976 million.
On a per-share basis, the Kenilworth, New Jersey-based company said it had net income of 35 cents. Earnings, adjusted for one-time gains and costs, came to 93 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The pharmaceutical company posted revenue of $10.22 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $10.45 billion.
Merck expects full-year earnings in the range of $3.60 to $3.75 per share, with revenue in the range of $38.7 billion to $40.2 billion.
Merck shares have decreased nearly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased nearly 7 percent. The stock has declined 17 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at http://www.zacks.com/ap/MRK
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Keywords: Merck, Earnings Report, Priority Earnings