Merck's 3Q profit soar 62 percent
WHITEHOUSE STATION, N.J. _ Merck & Co. posted a 62 percent increase in third-quarter profit Monday, as the drugmaker's revenues increased by double digits and lower marketing and overhead costs offset more spending on research and development.
The results beat Wall Street estimates and its shares rose more than 2 percent in premarket trading.
The maker of osteoporosis treatment Fosamax and Singulair for asthma and allergies reported net income of $1.53 billion, or 70 cents per share, for the three months ended Sept. 30 up from $940.6 million, or 63 cents per share, a year earlier.
Revenues totaled $6.07 billion, up from $5.4 billion a year ago.
Excluding a charge for an acquisition and a gain from a patent settlement, net income would have been 75 cents per share.
Analysts surveyed by Thomson Financial expected a profit of 69 cents per share, excluding one-time items, on revenue of $6.06 billion.
"Our third-quarter results reflect the continued progress Merck is making to deliver on our strategy," chief executive officer Richard Clarke said in a statement.
Its shares rose $1.38, or 2.6 percent, to $54.49 in premarket trading.
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