Drugmaker Merck has reported lower first-quarter results and cut its 2013 profit forecast by 15 cents a share.
It also today announced a huge share buyback, up to $15 billion worth of its stock.
Merck's first-quarter profit fell 8.3% and revenue by 9%, mainly because competition from generics slashed sales of its top seller, asthma and allergy drug Singulair.
The US-based company said net income was $1.59 billion, or 52 cents per share, down from $1.74 billion, or 56 cents per share, a year earlier.
Adjusted earnings were 85 cents per share, slightly more than analysts expected.
Revenue totaled $10.67 billion, down from $11.73 billion. Analysts had expected $11.11 billion.
