Watch CBSN Live

Merck's net falls on charges, but sales rise

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.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.