Merck & Co. (NYSE: MRK) said Friday that its first-quarter net income more than tripled to $1.04 billion, or 34 cents a share, from $299 million, or 9 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 92 cents a share in the latest quarter. Revenue grew 1% to $11.58 billion from $11.42 billion. Analysts, on average, expected the company to report earnings of 84 cents per share on revenue of $11.37 billion.
"Merck's first quarter performance underscores that we are successfully delivering on our intent to grow both the top line and the bottom line," said Kenneth C. Frazier, president and chief executive officer. "Our strong results were largely driven by double-digit growth of key products combined with deliberate cost control measures across all areas of the company as we continue to create a more effective and efficient operating model.
Looking ahead to the fiscal 2011, Merck raised the lower end of its profit forecast to a range of $3.66 to $3.76 a share, from a previous forecast of $3.64 to $3.76 a share.
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