Merck Q1 net triples on lower charges, flat sales

[April 29, 2011]  WHITEHOUSE STATION, N.J. (AP) -- Merck & Co. says its first-quarter profit more than tripled despite only slightly higher sales because of much lower restructuring and merger costs. The results beat Wall Street expectations.

The maker of Singulair for asthma and allergies and Januvia for diabetes says net income was $1.04 billion, or 34 cents per share, up from $299 million, or 9 cents a share, in 2010's first quarter.

Revenue edged up 1 percent to $11.58 billion.

Excluding numerous one-time items, net income was $2.86 billion, or 92 cents per share.

Analysts forecast earnings per share of 84 cents and revenue of $11.38 billion.

Merck raised the bottom end of its 2011 adjusted profit forecast by 2 cents, predicting $3.66 to $3.76 per share.

[Associated Press]

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