Pharmaceutical firm Merck has reported a 4% decline in its net sales in the third quarter 2012 to $11.5bn, as against $12.02bn for the same quarter in 2011.
The firm's GAAP net income for the third quarter declined to $1.79bn, down from $2.02bn for the same quarter in 2011.
Merck's pharmaceutical sales in the third quarter declined 5% to $9.9bn, including a 5% negative impact due to foreign exchange.
Merck chairman and chief executive officer Kenneth Frazier said the firm will continue to drive value for its customers and shareholders through its four-part strategy of executing on the core business, expanding geographically in high-growth markets, extending complementary businesses and excelling at managing costs while investing for growth.
"With our robust pipeline, we remain on target to submit multiple new products for marketing approval between now and the end of 2013, including suvorexant for insomnia, odanacatib for osteoporosis and TREDAPTIVE for multiple lipid parameters," Frazier added.