Merck, Petsmart Announce Earnings

Merck (MRK) announced that profit more than doubled during the fourth fiscal quarter due to higher prices for its Rebif multiple sclerosis drug, as well as from cost savings from restructuring. Profit increased to 272 million Euro, or $355 million, from 133 million Euro in the same period last year. Revenue increased by eight percent to 2.83 billion Euro. For the full year, sales of Rebif increased by 7.5 percent to 1.89 billion Euro, which offset slower sales growth for the Erbitux cancer drug.