BRIDGEWATER, N.J. (AP) — 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.

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