Pfizer's animal health business Zoetis has raised about $2.2 billion in its initial public offering of 86.1 million shares, and the stock is expected to begin trading Friday. Merck & Co.'s fourth-quarter profit fell 7 percent as generic competition slashed sales of its blockbuster allergy drug Singulair.
The pharmaceutical giant said its profit was impacted by a large charge related to its recent merger with Schering-Plough, but still managed to top analyst estimates. Looking forward, Merck lifted the lower end of its 2010 earnings guidance.
Blue-chip earnings and an improvement in consumer sentiment helped stocks shrug off disappointing economic growth to end mixed Friday -- but the market still enjoyed its biggest monthly gain in a year.
Pharmaceutical giant Merck & Co. reported Friday its second-quarter net income fell 51% on higher restructuring and merger costs. But adjusted earnings beat analysts' estimates.