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Second-quarter net profits at German drug and chemical maker Merck are down 48 per cent due to higher research costs and overheads associated with the acquisition of Serono.
Profits of 108 million euros (£93 million) compared with 207 million euros last year. Sales for the quarter were virtually unchanged at 1.9 billion euros.
Overall returns on sales are expected to be between 15 per cent and 20 per cent for the year after the company changed guidance slightly on some of its business units. Group revenues are likely to either remain steady or rise by 5 per cent.
Copyright Press Association 2009
