NEW YORK, July 21 (AFP) - US pharmaceutical giant Merck said Wednesday its second-quarter profit slipped five percent from a year ago to 1.77 billion dollars, citing disappointing results from a partnership with Britain's AstraZeneca.
The profit was in line with Wall Street forecasts, amounting to 79 cents per share.
Revenues for the quarter climbed nine percent from the same period a year ago to 6.02 billion dollars.
Sales outside the United States accounted for 43 percent of Merck's second-quarter revenues, up from 42 percent a year earlier.
The Whitehouse Station, New Jersey firm said sales growth of its major in-line franchises was offset by lower revenues from Merck's relationship with AstraZeneca LP.
The company attributed the lower contribution from the AstraZeneca arrangement to generic and over-the-counter competition. Looking ahead, Merck sees third-quarter earnings roughly in line with the Wall Street consensus forecast.
For its top-performing pharmaceutical products, Merck foresees worldwide 2004 net sales ranges of 4.9 billion to 5.1 billion dollars for cholesterol-modifying agent Zocor, 3.0 billion to 3.2 billion for osteoporosis drug Fosamax, and 2.7 billion to 2.9 billion for hypertension treatment Cozaar/Hyzaar.
"Our strategic investments in our pipeline continue to strengthen Merck's prospects for both near- and long-term growth," said Merck chairman, president and chief executive Raymond Gilmartin.