MSD anticipates ‘higher than expected’ first quarter results

MSD anticipates ‘higher than expected’ first quarter results

Merck, Sharp and Dohme (MSD) has announced that it expects its financial results for the first quarter of 2007 to be higher than previously anticipated and has increased its earnings per share (EPS) guidance for the year accordingly.

Subject to a review of the results when published, MSD predicts that first quarter EPS will be $0.84 (0.42 pounds), excluding charges incurred as a result of restructuring, with a reported EPS of $0.78.

The financial results for the first quarter of 2007 will be announced on April 19th, with the firm also providing an overview of its performance for the quarter.

“The company also raised its anticipated 2007 full-year EPS range to $2.75 to $2.85, excluding restructuring charges related to site closures and position eliminations, and its full-year 2007 reported EPS range to $2.60 to $2.75,” MSD reports

MSD added that this guidance does not include the establishment of a reserve of funding to cover the costs relating to ongoing Vioxx litigation.

Last month, MSD announced that it planned to appeal against the verdict delivered by a New Jersey state court that assessed punitive and compensatory damages to be paid to Mr Frederick Humeston, a man from Idaho who claimed his heart attack was caused by Vioxx.