Merck & Co sales doubles in first quarter

Company posts net income of $330.2m.

Merck & Co has reported sales of $11.42bn for the first quarter ended March 31, 2010, compared to $5.38bn for the comparable period in 2009.

Merck & Co has posted a net income of $330.2m for the first quarter of 2010, or $0.09 per diluted share, compared to $1.45bn, or $0.67 per diluted share, for the prior year period. For 2010, Merck & Co is aiming a non-GAAP EPS range of $3.27 to $3.41, excluding certain items, and a 2010 GAAP EPS range of $1.15 to $1.50.

Merck & Co expects full-year 2010 revenue to be between $45.4bn and $46.4bn, including the impact of the recently passed health care reform legislation. For the full year 2010, the increased Medicaid rebates and other impacts are expected to reduce revenue by approximately $170m, which includes a first-quarter 2010 impact of approximately $33m.

Richard Clark, chairman and CEO of Merck & Co, said: "The first full quarter of results for the new Merck reflect our strong focus on driving revenue growth, maintaining the momentum of the business and reducing our cost structure. At the same time, we made excellent progress on achieving our integration goals.

"Merck & Co colleagues around the world are committed to satisfying our customers' needs by providing them with innovative, distinctive products and services that save and improve live. And our expanded worldwide presence and broader product portfolio now provides many more individuals with access to the valuable and diverse set of health care solutions Merck & Co provides than they did just a few months ago."