WHITEHOUSE STATION, N.J. - Merck & Co. (MRK) says its second-quarter net income fell 11.4 percent as slightly higher sales were offset by acquisition and restructuring costs, but the drugmaker beat Wall Street expectations.
The maker of diabetes pill Januvia and asthma and allergy medicine Singulair says net income was $1.79 billion, or 58 cents per share, down from $2.02 billion, or 65 cents per share, a year earlier.
Excluding one-time items, net income was $3.23 billion, or $1.05 per share, up from $2.95 billion, or 95 cents per share, in 2011's second quarter. That beat analysts' expectations of earnings per share of $1.01.
Revenue rose 1.3 percent to $12.31 billion. Analysts polled by FactSet, on average, expected $12.15 billion.
Shares of Merck rose 66 cents to $43.99 in premarket trading.