Merck & Co. announced on Friday that its net income grew to $1.69 billion from $372 million in the prior-year quarter, as gains from the company's diabetes and asthma medication offset losses from their Remicade and Simponi treatments for inflammatory diseases.
The Whitehouse Station, New Jersey-based pharmaceutical giant saw revenues jump eight percent to $12 billion, with sales of its top selling asthma drug Singulair rising ten percent, according to the company's earnings statement.
Sales from diabetes franchise Januvia/Janumet surged 41 percent on strong growth in all regions. The company's human papillomavirus vaccine Gardasil also recorded 41 percent sales growth from increased vaccination for both females and males and from its Japan launch, while HIV integrase inhibitor Isentress posted a 23 percent gain on stronger demand in the U.S. and Europe.
However, third-quarter sales for Remicade and Simponi treatments for inflammatory diseases slid eight percent as Merck in July transferred exclusive marketing rights for both drugs to Johnson & Johnson's markets including Canada, Central and South America, the Middle East, Africa and Asia Pacific. The company retained rights to market the drugs in Europe, Russia and Turkey, where sales grew 35 percent.
The company's Animal Health segment also recorded a 20 percent reveue growh on higher sales of cattle, swine and poultry products, while their Consumer Care unit logged a three percent sales gain from over-the-counter medications Miralax and Zegerid, for the treatment of constipation and heartburn, respectively.
The company's shares rose $0.59, or 1.69 percent, in midday trading Friday.