Merck & Co 1st-qtr 2011 profits triple, beating analysts' forecasts
US drugs giant Merck & Co (NYSE: MRK) posted a first-quarter 2011 profit of $1.04 billion, compared with $299 million for the same period in 2010. Earnings per share rose to $0.34 from $0.09, a more than tripling compared with the like period of 2010, boosted by cost reductions and strong sales in its diabetes drug franchise and AIDS treatment.
Excluding items, including those related to a legal settlement with Johnson & Johnson and the takeover of Schering-Plough, Merck would have reported adjusted earnings of $1-.43 billion, $0.92 a share versus $299 million, or $0.83, in the first quarter under its new chief executive, Kenneth Frazier, who took over on January 1.
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