So Peter Kim's presentation at Cowen & Co. has been completely overshadowed by the guidance update -- out of Whitehouse Station this morning.
It shouldn't surprise anyone who follows currencies, but Merck is clearly suffering the effects of a stronger dollar -- vis-a-vis the euro, and to a lesser extent, the Japanese yen. [Where is the hedging program, I wonder -- this could have been mitigated.]
Per MarketWatch.com, just now:
. . . .Merck & Co. said Tuesday it expects adjusted first-quarter profit of 95 cents to 98 cents a share, compared to the Wall Street estimate of $1.01 a share in a survey of analysts by FactSet Research. . . .
Just as I said, right here, just about three months ago. Currencies will be an important Merck headwind in 2012 -- unless the global economic balance shifts significantly in the second half of 2012.