Wednesday, Biopharmaceutical and chemical company Merck KgaA (MKGAY.PK)reported a fourth-quarter loss over last year's profit, hurt by one-time charges related to Merck Serono division and higher research and development costs.
Loss after tax for the three-month period was 0.28 billion euros or 1.29 euros per share, compared to profit of 3.4 billion euros or 15.58 euros per share in the prior year period. Net loss after minorities was 0.28 billion euros, compared to profit of 3.4 billion euros, while core earnings per share declined 19.8% to 0.97 euros from 1.21 euros last year.
Total revenues for the fourth quarter rose 5.4% to 1.9 billion euros from 1.81 billion euros last year. Pharmaceutical revenues were up 15% to 1.4 billion euros, while consumer health care division revenues increased 3.7% to 0.11 billion euros. Merck Serono revenues rose 16% to 1.3 billion euros, but chemicals division revenues declined 15% to 0.46 billion euros.
For the full-year 2008, profit after tax declined to 0.38 billion euros or 1.69 euros per share from 3.5 billion euros or 16.21 euros per share. Core earnings per share grew 9.9% to 5.73 euros from 5.21 euros last year. Revenues increased 7.1% to 7.6 billion euros from 7.1 billion euros last year.
The German company said it intends to propose a dividend of 1.50 euros per share for the year. In the previous year, Merck made dividend payment of 1.20 euros per share, plus a one-time bonus of 2 euros per share from the sale of its Generics business.
Looking forward, reflecting an overall economic environment, Merck said it could not provide any quantitative forecasts for fiscal 2009.
The Stock closed Tuesday, at $26.20 on the OTC.
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