Merck & Co has posted higher net earnings of $7,808 million during the year ended December 2008 as compared to $3,275 million in the previous year mainly on account of gain of $2,194 million on distribution from AstraZeneca LP and provision of $4,850 million for Vioxx settlement agreement in the year 2007. The company's pharmaceutical sales declined by one per cent to $23,850 million from $24,198 million due to unfavourable effect of foreign exchange rates and lower sales in USA..

Richard T Clark, chairman, president and CEO, said, "The quarterly and yearly results we reported today, reflect both the challenges we faced in 2008 and the benefit of our broad product portfolio. In 2008 we improved efficiencies, managed through a dramatically changing industry environment and took actions designed to better position Merck for success. And we did so during a very difficult and unsettling time for the US and global economies."

"By focusing on our core strengths, the new Merck we are building will maximize the value of our current product portfolio and our pipeline. That will enable us to pursue growth through initiatives such as Merck Bio Ventures and emerging markets as well as the right strategic opportunities." Clark added.

The company's sales in US declined by 9 per cent to $13,370 million, but its international sales improved by 10 per cent to $10,480 million. The sales of Cozaar/Hyzaar increased by 6 per cent to $3,558 million and that of Singulair increased by 2 per cent to $4,337 million during the year 2008. However, the sales of Fosamax and Gardasil declined by 49 per cent and 5 per cent respectively to $1,553 million and $1,403 million during 2008. Its hepatitis vaccines sales declined by 47 per cent to $148 million and that of viral vaccines moved down by 6 per cent to $1,268 million. New products like Januvia, Janumet, Rotateq and Isentress recorded strong growth during 2008. The sales for the Januvia reached at $1,397 and that of Rotatequ improved by 27 per cent to $ 665 million. The R&D expenditure declined by 2 per cent to $4, 805 million from $4,883 million.

Merck reaffirmed its expectation for full-year 2009 revenue to be in the range of $23.7 billion to $24.2 billion, adding that based on current information, revenues are likely to be in the lower half of the range.