(MENAFN) Merck & Co. CEO, Kenneth Frazier, stated that the drugmaker's profit in the fourth quarter of 2012 dropped 7 percent to USD1.4 billion, compared with USD1.51 billion in the same period a year before, reported AP.
When excluding one-time restructuring and acquisition charges totaling USD1.14 billion, net income of the world's third-biggest drugmaker by revenue stood at USD2.54 billion.
In the quarter, the Whitehouse Station, N.J.-based firm's revenue dipped 5 percent to USD11.74 billion.
Frazier attributed the decline in sales to generic competition for asthma and allergy drug Singulair, which had generated about USD5.5 billion in annual sales until its US patent expired in August, and for blood pressure medicines Cozaar and Hyzaar.
Meanwhile, the company's net income for the full year grew USD6.66 billion, from USD6.27 billion in 2011, however, sales fell by almost 2 percent, reaching USD47.27 billion.
In the last quarter of 2012, global sales of Singulair plunged 67 percent to USD480 million, reducing total prescription drug sales by 6 percent to USD10.09 billion.
However, sales of Januvia Type 2 diabetes drug jumped 18 percent to USD1.13 billion, and sales of Janumet, a diabetes combo pill, grew 17 percent to USD452 million.
Moreover, sales of Zetia, a drug that lowers cholesterol, rose 6 percent to USD676 million, and sales of Gardasil, a vaccine against sexually transmitted cancers, surged 61 percent, to USD442 million.
As for the company's divisions, veterinary medicine sales went up 3 percent to USD898 billion, while sales of consumer health products, including Dr. Scholl's foot care products, grew 9 percent to USD395 million.