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Merck tops Street 1Q forecasts
San Francisco Chronicle

Drugmaker Merck & Co.’s first-quarter profit plunged 44 percent, hurt by the sale of its consumer health business, unfavorable currency exchange rates and other factors. The maker of Type 2 diabetes pills Januvia and Janumet still handily beat Wall Street expectations, which have been muted for companies with significant overseas sales. That’s because that the strong dollar reduces the values of products sold in local currencies around the world. Merck also nudged up its profit forecast for the year.