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Although earnings for Merck (NYSE: MRK) were down in the last quarter, the stock is gaining momentum.
The pharmaceutical giant reported a 3% decrease in sales to $5.9 billion from $6.05 billion in the year-earlier period. Earnings were $1.56 billion or 74 cents per share, compared with $1.77 billion or 82 cents per share in the same quarter a year ago.
A strong dollar and lower sales for cholesterol and vaccine drugs contributed to Merck's decline this quarter. But investors were cheered by the fact that Merck reaffirmed its annual earnings forecast of $2.84 to $3.09 per share.
Merck also enjoyed stronger-than-expected sales for its asthma drug, Singulair, and the Schering-Plough acquisition should enhance the company's long-term earnings potential.
I currently rate Merck a B, or buy.
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