Merck & Co (MRK) reported lower-than-expected quarterly revenue, hurt by a drop in sales of its diabetes and arthritis drugs, and a strong dollar.
The company said sales of its diabetes drug, Januvia, fell 12% to $1.45 billion in the fourth quarter, while sales of its arthritis drug, Remicade, fell 29% to $396 million.
The company forecast 2016 revenue of $38.7 billion to $40.2 billion, the top end of which was in line with the average analyst estimate.
The U.S. Drugmaker’s total revenue fell 2.5% to $10.22 billion. Analysts were estimating revenue of $10.35 billion, according to Thomson Reuters I/B/E/S.
The company said a strong dollar had a 7% negative impact on its total revenue.
Net income attributable to the company fell to $976 million, or 35 cents per share, for the fourth quarter ended Dec. 31 from $7.32 billion, or $2.54 per share, from a year earlier.
Excluding special items, the company earned 93 cents per share, beating the average analyst estimate of 91 cents per share.