Merck’s earnings hurt by Vioxx recall

Merck & Co. on Thursday said first-quarter profit fell 15 percent following the withdrawal of its arthritis drug Vioxx last year.

The Whitehouse Station, New Jersey-based drugmaker said net profit fell to $1.37 billion, or 62 cents a share, from $1.62 billion, or 73 cents a share, a year earlier.

Analysts had on average expected 59 cents a share, according to Reuters Estimates.

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Sales fell 5 percent to $5.4 billion from $5.6 billion. Excluding year-earlier Vioxx sales, sales rose 8 percent.

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Merck said it expects second-quarter earnings of 60 cents to 64 cents a share. Analysts expect 61 cents a share.

The company said it expects full-year earnings of $2.44 to $2.52 a share. Analysts expect $2.48 a share.