Summary Box: Drugmakers Pfizer, Merck post good Q1 amid big deal integrations, health overhaul
By APTuesday, May 4, 2010
Summary Box: Drugmakers Pfizer, Merck post good Q1
TOPPING EXPECTATIONS: Drug giants Pfizer Inc. and Merck & Co. outdid analysts’ first-quarter expectations by 7 cents or more per share, despite $2 billion-plus costs for integrating last fall’s huge acquisitions.
OTHER FACTORS: Both companies got billions in new revenue from their purchases — Pfizer bought Wyeth and Merck bought Schering-Plough Corp. — plus nice boosts from favorable exchange rates. But they see many millions in costs related to the health-care overhaul.
COMING UP: Both gave upbeat forecasts for 2010 and beyond, citing drugs in development, emerging-market sales and more.
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