Merck & Co 1st-qtr earnings just beat expectations; wins Mylan patent dispute

US drug giant Merck & Co sales that global sales in the first-quarter of 2012 increased 1% to $11.7 billion, shy of analysts’ consensus expectations of $11.82 billion, driven by growth of 3% in pharmaceuticals (6% excluding the Impact of the J&J arbitration settlement), 8% in animal health and 7% in consumer care.

Non-GAAP earnings per share, excluding certain items, were $0.99 a share, up 7.6% on the like year-earlier quarter and beating expectations by a penny. GAPP net income was $1.74 billion, a leap of 66.6%, with non-GAPP net income up 6.4% at $3.04 billion. The company said 2012 revenue should be about the same as last year - $48 billion - with profit at $3.75 to $3.85 a share. Both are within analysts' targets.

"Merck's first-quarter results again demonstrated our ability to execute on our strategic plans and grow the top and bottom lines," said Kenneth Frazier, chairman and chief executive of Merck, adding: "Our performance this quarter was driven by the solid contributions across our pharmaceutical, animal health and consumer care divisions and by our ongoing efforts to operate more effectively and efficiently.”