Merck says Q1 2009 results reflect economic climate

Merck’s financial results for the first quarter of 2009 reflect the impact of the difficult global economy, it has stated.

Compared to the same period last year, worldwide sales fell by eight per cent, reaching $5.4 billion (3.7 billion pounds).

Net income was also lower and totalled $1,425 million for the first three months of 2009, where as it was $3,302.6 million for quarter one of 2008.

Richard T Clark, chairman, president and chief executive officer of the business, noted the results highlight how the current financial downturn has affected payers, patients and providers alike.

However, he asserted the company is on track to meet its full-year targets, adding the planned merger with Schering-Plough will help to achieve growth and success.

Mr Clark commented: “Together we will have a formidable pipeline, an expanded product portfolio, a broader global presence and the best talent in the industry.

“The new Merck will have increased financial strength and enhanced capabilities focused on breakthrough research and development.”

Earlier this week, the firm announced it had gained worldwide rights to develop and commercialise CDA-1 and CDB-1 after it signed an agreement with Medarex.