Merck reports second-quarter drop in profit, sales

NEW YORK (MarketWatch)
Merck & Co. Inc. reported its second-quarter profit fell to $906 million, or 30 cents a share, from $1.79 billion, or 58 cents a share, a year earlier
Adjusted to exclude acquisition and restructuring costs, the company reported profit of $2.53 billion, or 84 cents a share, down from $3.23 billion, or $1.05 a share, a year ago
Revenue fell to $11.01 billion, from $12.31 billion a year earlier, the pharmaceuticals company said
Analysts had expected earnings of 82 cents a share on revenue of $11.24 billion, according to FactSet
Sales of Singulair, the company's asthma and allergy drug, were down 80%, Merck said
The company reiterated its full-year 2013 earnings-per-share target of $1.84 to $2.05, and its adjusted target of $3.45 to $3.55