The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App

Merck's net income falls on charges, lower sales

Employees walk past a Merck sign in front of the company's building in Summit, New Jersey.
Kena Betancur/Getty Images

Merck & Co. (MRK) says its third-quarter profit plunged 35 percent because of competition from generic drugs, lower sales of its top-selling medicine, and restructuring and acquisition charges.

The world's third-biggest drugmaker says net income was $1.12 billion, or 38 cents per share, down from $1.73 billion, or 56 cents per share, a year earlier.

The maker of Type 2 diabetes pill Januvia says that excluding the one-time items, net income would have been $2.73 billion, or 92 cents per share. Analysts surveyed by FactSet were expecting 88 cents per share.

Revenue totaled $11.03 billion, down 4 percent. That missed expectations for $11.13 billion in revenue.

The company lowered its 2013 profit forecast to $1.61 to $1.79 per share, from its July forecast of $1.84 to $2.05.