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Abu Dhabi, UAESunday 23 September 2018

Merck posts bigger quarterly loss

Pharmaceutical firm said net loss widened year on year to $872m in the fourth quarter

Dubai seeks to attract $2.5 billion in investments to the pharmaceutical industry in the next five years. AFP
Dubai seeks to attract $2.5 billion in investments to the pharmaceutical industry in the next five years. AFP

US drugmaker Merck & Co reported a bigger quarterly loss on Friday, partly due to a $2.6 billion charge related to recent changes to the US tax law.

Merck's net loss attributable widened to $872 million, or 32 cents per share, in the fourth quarter, from $594m, or 22 cents per share, a year earlier.

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The company said its research and development expenses fell 56 per cent to $2.06bn in the quarter.

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