Merck KGaA 1st-qtr 2011 net profit income rockets 77%

German drug major Merck KGaA (MRK: DE) presented a stompingly good set of first-quarter 2011 results, with total revenues up 22.1% to 2.56 billion euros ($3.73 billion), pretax profit leaping 76.9% to 344.2 million, net profit 87.2% higher at 341.1 million and earnings per share up 78.4% at 1.57 euros. Core EPS was 2.03 euros, a rise of 40.8%.

“Merck generated a solid performance in the first quarter and we are off to a very good start for the year, mainly driven by the strength of our Performance Materials and Merck Millipore divisions,” said Karl-Ludwig Kley, chairman of the executive board of Merck, adding: “We continue to expect the increase in the Group’s 2011 operating result will remain as stated on February 21, namely 35% to 45%.”

Rebif down on high 1st-qtr 2010 comparison
Turnover at the Merck Serono unit rose 1.5% to 1.43 billion euros, driven by sales of the multiple sclerosis drug Rebif (interferon beta-1a). However, revenues for the latter were down 4.2% to 411 million euros. The growth rate is less than usual because sales of the multiple sclerosis treatment Rebif, Merck Serono’s top-selling product, and other drugs were inordinately high in the comparable quarter last year when US wholesalers received an extra 20 days supply of products. This was to prevent a possible shortage in April while the U.S. subsidiary EMD Serono converted its computer system, the company explained.