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Merck quarterly net income drops $887 million

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Merck’s generally accepted accounting principals net income for the second quarter was $906 million, down from $1.79 billion in the same period last year, according to a company news release.

Patent expirations and poor foreign exchange rates are partially responsible for Merck’s sales for the period falling to $11 billion, down 11% from $12.3 billion in the same quarter last year, the release said.

Merck’s primary ophthalmic pharmaceuticals, Cosopt (dorzolamide hydrochloride-timolol maleate ophthalmic solution) and Trusopt (dorzolamide hydrochloride ophthalmic solution), combined for $103 million in sales in the quarter, down from $105 million in the same quarter last year. Year-to-date sales are $209 million, down from $229 million within the first 6 months of 2012.

Based on these numbers, Merck is expecting full-year sales to be approximately 5% to 6% below last year, the release said. Research and development costs are expected to be below those of 2012.