Merck Cuts Profit Forecast for 2011
Merck has cut its profit forecast for the year after its second-quarter earnings were hit by one-off charges.
German drugs and chemicals firm Merck KGaA has cut its profit forecast for the year after its second-quarter earnings were hit by one-off charges.
Merck faced integration costs relating to the purchase of Serono and Millipore, as well as impairment costs owing to over-capacity at the firm’s biotechnology production plant in Switzerland, as well as a provision of €20m for the remaining costs associated with halting the development of MS drug cladribine.
The firm now expects its operating profit will be approximately €1bn in 2011.
Merck reported an operating loss of €11.4m in the quarter to 30 June, compared with a profit of €326.2m in the previous year’s second quarter. Net profit was €–85.9m
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