Merck's second quarter revenue fell by about 8.8%, slightly lower than expected, and announced a new restructuring plan.

Merck's stock fell by about 8.8% to a low of $76.67. On the news front, Merck's second quarter revenue decreased by 2% year-on-year to $15.81 billion, slightly lower than analysts' expectations of $15.9 billion; adjusted earnings per share were $2.17, beating analysts' expectations of $2.02.