Merck Profit Falls on Generic Competition

Merck & Co.’s third-quarter profit dropped 3.3% as a rival’s new painkiller and competition from generic products eroded sales growth at the drug maker.

Net income fell to $1.88 billion, or 83 cents a share, Merck said. Sales rose 8.2% to $12.9 billion.

Shares of Merck rose 28 cents to $51.03 on the NYSE.