Merck & Co. on Friday said its first-quarter profit more than tripled as strong sales of key drugs and lower costs from integrating its Schering-Plough acquisition offset competition from generic drugs that slashed sales of two heart drugs.
The results beat Wall Street expectations and suggest drug sales and cost savings from acquiring Schering-Plough Inc. are starting to pay off.
Merck shares rose 24 cents to $36.01 in morning trading.
The maker of Singulair for asthma and allergies and Januvia for diabetes said 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.
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