J&J Buyout Of Merck Stake In Europe Was In The Works “For Some Time”
This article was originally published in The Tan Sheet
Executive Summary
Retaining rights to future Rx-to-OTC switches and a substantial one-time cash infusion were the major drivers of Merck's decision to sell its 50% stake of an OTC venture in Europe to partner Johnson & Johnson
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J&J results
Worldwide consumer health sales grew 9.9% to $2 bil. in the third quarter, with U.S. sales up 4% to roughly $1 bil. and international sales up 16.8% to $1 bil., J&J reports in an Oct. 12 earnings call. The firm cited Neutrogena skin care products as well its wound care business as strong contributors. Domestic sales were affected by the divestiture of the Splenda business, while international results included a continued impact from the acquisition of Merck's stake in the firms' joint European nonprescription business (1"The Tan Sheet" April 26, 2004. p. 6). McNeil's sales growth of 13% was primarily attributable to international sales...
J&J results
Worldwide consumer health sales grew 9.9% to $2 bil. in the third quarter, with U.S. sales up 4% to roughly $1 bil. and international sales up 16.8% to $1 bil., J&J reports in an Oct. 12 earnings call. The firm cited Neutrogena skin care products as well its wound care business as strong contributors. Domestic sales were affected by the divestiture of the Splenda business, while international results included a continued impact from the acquisition of Merck's stake in the firms' joint European nonprescription business (1"The Tan Sheet" April 26, 2004. p. 6). McNeil's sales growth of 13% was primarily attributable to international sales...