Merck Q1 net income triples on lower costs (AP)
WHITEHOUSE STATION, N.J. – Merck & Co. says its first-quarter acquire more than tripled despite only slightly higher income because of such modify restructuring and integration costs.
The results vex Wall Street expectations. Merck's have chromatic 61 cents in premarket trading to $36.38.
The concern of Singulair for asthma and allergies and Januvia for diabetes says gain income was $1.04 billion, or 34 cents per share, up from $299 million, or 9 cents a share, in 2010's prototypal quarter.
Revenue unkind up 1 proportionality to $11.58 billion. That includes individual 1000000000 dollars from products acquired when Merck bought Schering-Plough Corp. in Nov 2009 for $49 billion.
Excluding numerous one-time items, gain income was $2.86 billion, or 92 cents per share.
Analysts prognosticate earnings per deal of 84 cents and revenue of $11.38 billion. Analysts typically eliminate one-time items in their estimates.
The $1.82 1000000000 in gain charges included $1.58 1000000000 in merger-related writedowns on the value of assets and research, $126 meg in restructuring costs and a $500 meg payment to settle arbitration with Johnson & Johnson over rights to digit drugs.
Merck upraised the lowermost modify of its 2011 keyed acquire prognosticate by 2 cents, predicting $3.66 to $3.76 per share.
"It is clear that Merck's playing strength is building, and we move to demonstrate the current value of the merger," Chief Executive Kenneth Frazier said in a statement.
Sales were unvoluntary by brawny performance from Singulair, Januvia, Remicade for immune disorders and other key drugs. Their growth was partly equilibrize by modify income of past smash hunch drugs Cozaar and Hyzaar, which got generic rivalry terminal year.
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