Merck 4Q13 4Q Revenues: $11.3 billion (-4%) 4Q Earnings: $781 million (-14%) FY Revenues: $44.0 billion (-7%) FY Earnings: $4.4 billion (-26%) Comments: Foreign exchange rates contribute three points to Merck’s 4Q13 revenue drop of 4%, and two points to the 7% revenue shortfall for FY13. Pharma sales dropped 8% to $37.4 billion. Singulair’s patent expiration — August 2012 in the U.S. and February 2013 in Europe — outweighed new product growth, with FY revenues fallin...