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Merck 1Q11

Diabetes franchise passes $1 bil. mark for 1Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Financial Reports: Merck

1Q Revenues: $11.6 billion (+1%)

1Q Earnings: $1.0 billion (+248%)

Comments: The company took $1.8 billion in one-time charges in 1Q11, including a $500 million payment to Johnson & Johnson to settle Remicade/Simponi arbitration and $302 million in in-process R&D writeoffs; it had $2.3 billion in one-time charges in 1Q10. Pharma revenues grew 2% to $9.8 billion, led by Singulair (+14% to $1.3 billion), Remicade (+12% to $753 million) and Januvia (+45% to $739 million). Cozaar/Hyzaar revenues dropped 46% to $426 million due to generic erosion. Combined sales of the Januvia/Janumet franchise crossed $1 billion for the quarter.

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