Merck & Co. CEO Kenneth Frazier tells company shareholders that this year and next will be difficult.
Speaking at the company's annual meeting, Frazier noted the drugmaker's top-selling product, asthma and allergy drug Singulair, gets U.S. generic competition soon. That will sharply reduce revenue from Singulair, which brought in $5.5 billion last year.
He also cited an uncertain global economy.
But he said Merck has a history of overcoming big patent expirations by developing new medicines and increasing sales of existing ones.
Meanwhile, Merck shareholders approved the compensation of its executive officers in a nonbinding advisory vote, but voted down three shareholder proposals.
