Dollar, Consumer-Care Unit Sale Dent Merck Revenue

Reuters

Merck & Co Inc reported a nearly 11 percent drop in quarterly revenue as a strong dollar and the sale of its consumer care business overshadowed strong demand for its diabetes drugs.

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The U.S. drugmaker's net income fell nearly 66 percent to $687 million, or 24 cents per share, for the second quarter, from $2 billion, or 68 cents per share, from a year earlier.

The latest reported quarter included charges of $1.45 billion related to its acquisition of Cubist Pharmaceuticals.

Revenue fell 10.5 percent to $9.79 billion. (Reporting by Vidya L Nathan in Bengaluru; Editing by Saumyadeb Chakrabarty)