“Condor Predicts”: About 7% Headwind From Currency Translation — At Merck’s Sales Line, Tomorrow Morning

We may see some good hedging out of Kenilworth’s finance folk — so I’ll bring the bubble up a bit — but I’ll lean heavily on the recent J&J Q3 2015 earnings release. . . to guess at an approximate 7 per cent downdraft effect in Merck’s sales, due solely to currencies.

To be clear, I expect Merck to post sales growth, operationally, but that growth will be materially trimmed (by about seven per cent), at the sales line due to a strong US dollar, and weaker euro and Yen primarily. It is just my guess — but here is the J&J Q3 2015 earnings press releasse — as filed with the SEC last week:

. . . .[J&J] today announced sales of $17.1 billion for the third quarter of 2015, a decrease of 7.4% as compared to the third quarter of 2014. Operational sales results increased 0.8% and the negative impact of currency was 8.2%. Domestic sales decreased 0.6%. International sales decreased 13.7%, reflecting operational growth of 2.1% and a negative currency impact of 15.8%. . . .

So — have a great evening, one and all — I’ll cover any surprises, mañana!

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