Merck’s first-quarter net income fell to $1.593 billion from $1.738 billion a year ago, according to a company news release.
The decrease was largely attributable to the expiration of Merck’s patent on an asthma drug, as well as currency exchange losses, the release said.
Merck’s primary ophthalmic pharmaceuticals, Cosopt (dorzolamide hydrochloride, timolol maleate) and Trusopt (dorzolamide hydrochloride ophthalmic solution), combined for $105 million in sales in the quarter, down 15% from the same quarter last year.
Total quarterly total sales were $10.7 billion, down 9% from $11.7 billion in the same quarter last year. Pharmaceutical revenue dropped 12% to $8.9 billion from $10.1 billion.
Based on the results, Merck is adjusting its 2013 sales projections to about 3% to 4% below 2012, while it expects research and development costs to increase, according to the release.