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Earnings

Merck second-quarter profit more than doubles, tops forecast

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In this Thursday, Feb. 28, 2013 photo, Merck scientist Pascale Nantermet conducts research to discover new HIV drugs in West Point, Pa. Merck reports quarterly financial results on Tuesday, July 29, 2014. (AP Photo/Matt Rourke) (The Associated Press)

Merck & Co. (MRK) on Tuesday reported earnings that more than doubled in its second quarter, and topped analysts' expectations.

The Whitehouse Station, New Jersey-based company said net income increased to $2 billion, or 68 cents per share, from $906 million, or 30 cents per share, in the same quarter a year earlier.

Earnings, adjusted for one-time gains and costs, were 85 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 81 cents.

The company reported revenue of $10.93 billion compared with $11.01 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $10.71 billion, according to Zacks.

Merck shares have increased $7.92, or 16 percent, to $57.97 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.1 percent. The stock has climbed $9.63, or 20 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full MRK report: http://www.zacks.com/ap/MRK

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Keywords:Merck,Earnings Report