Merck, Petsmart Announce Earnings Thursday, March 7, 11:41 AM ET
Merck (NYSE:MRK) announced that profit more than doubled during the fourth fiscal quarter due to higher prices for its Rebif multiple sclerosis drug, as well as from cost savings from restructuring. Profit increased to 272 million Euro, or $355 million, from 133 million Euro in the same period last year. Revenue increased by eight percent to 2.83 billion Euro. For the full year, sales of Rebif increased by 7.5 percent to 1.89 billion Euro, which offset slower sales growth for the Erbitux cancer drug.
Shares are higher by about a tenth of a percent.
PetSmart (NASDAQ:PETM) increased its fourth quarter profit by 31 percent, but issued a disappointing full year forecast. The company earned $134 million, or $1.24 per share, up from $102 million, or 91 cents per share, in the same quarter last year, beating estimates by two cents per share. Revenue increased by 15 percent to $1.88 billion from $1.64 billion, and same store sales increased by 4.6 percent. Analysts, however, expected revenue of $1.89 billion. Analysts had expected earnings per share to come in at $3.97 for the year, while the company forecast $3.75 to $3.92, up from $3.55 in 2012.
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