Net income attributable to the company fell to $2.51 billion, or 95 cents per share, in the third quarter ended March 31, compared with $2.52 billion, or 93 cents per share, a year earlier.
The acquired brands offer solutions in relieving muscle, joint and back pain, colds and headaches, as well as supporting physical activity and mobility, many of which are treatment areas not now addressed in P&G's portfolio, it says.
Merck said between 2015 and 2017, the consumer health business's net sales grew 6%, outpacing the consumer health market's growth of approximately 4% growth over the same period.
Mumbai: German drugmaker Merck KGaA on Thursday said it will sell its consumer health business, which has annual sales of $1 billion, to Procter & Gamble (P&G) for $4.2 billion.
Merck executive board chairman and CEO Stefan Oschmann said: "Consumer Health is a strong business that deserves the best possible opportunities for its future development".
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The maker of Pampers diapers, Gillette razors and Vicks also said that the acquisition would enable it to expand its portfolio of consumer healthcare products.
P&G also announced the termination of its PGT Healthcare joint venture with Teva Pharmaceutical Industries, saying its priorities and strategies were no longer aligned with Teva's.
"This acquisition helps us continue to drive sales and profit growth for P&G by providing the capabilities and portfolio scale we need to operate a winning global OTC business on our own, without the aid of a health care partner".
As part of the transaction, Merck said, it is contemplated that about 3,300 employees, mainly from the consumer health unit, will transition to P&G upon completion of the transaction, subject to prior works council consultation where required.
Image: Some of the OTC brands of Merck's consumer health business.
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