Merck & Co records loss in 2nd quarter as Singulair drops 80%

US pharma giant Merck & Co (NYSE: MRK) has released second quarter results showing that worldwide sales were down 11% to $11 billion, falling short of the Wall Street expected revenue of $11.22 billion.

Generally Accepted Accounting Principles (GAAP) earnings per share were $0.30, compared to $0.58 in the second quarter 2012. Non-GAAP EPS was $0.84, compared to $1.05. Analysts, on average, expected $0.83 per share, reported Reuters.

Kenneth Frazier, chairman and chief executive of Merck, said: “With seven of our top 10 products growing in the second quarter and solid performance overall, we continue to navigate significant patent expiries and adapt to the evolving global health care environment. We remain committed to pursuing innovative, best-in-class science that translates into medically important products, such as our PD-1 inhibitor for oncology. To enable further investment in promising growth opportunities, we continue to manage costs effectively, as reflected in our results for the quarter.”