Merck reports earnings

MRK reported second quarter 2005 EPS of $0.62, meeting the Street's consensus estimate, but down 22% from $0.79 in the second quarter of 2004. Second quarter numbers exclude a tax charge related to the repatriation of foreign earnings. Worldwide sales in the second quarter decreased 9% from the same quarter last year to $5.5 billion, driven by the withdrawl of COX-2 inhibitor Vioxx. MRK said the withdrawal process was substantially complete as of June 30.

Second quarter sales of cholesterol drug Zocor were $1.2 billion, down 16% from the same quarter last year. Cholesterol drug Zetia from MRK and partner Schering-Plough (SGP) had second quarter sales of $314 million, up 30% from the same period last year. ...