Merck & Co. said late Thursday it will book a pre-tax charge of $2.9 billion for a hepatitis C drug candidate. Merck said recent changes to its product profile and expectations for pricing caused it to evaluate the drug candidate uprifosbuvir, which it acquired along with Idenix Pharmaceuticals Inc. in 2014, as an intangible asset for impairment. As a result, Merck said the charge lowers its unadjusted fourth-quarter results to a loss of 22 cents a share, from previous earnings of 42 cents a share. Adjusted earnings for the fourth quarter are not affected, Merck said. Shares of Merck declined 0.5% to $65.52 after hours.
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