Drugmaker Merck & Co said today that its third-quarter profits rose 2%.
Reduced spending on overhead offset lower sales caused by new generic competition for its top-selling drug, Singulair.
The company narrowed its 2012 profit forecast, to a range of $2.08 to $2.24 per share, from its July forecast of $2.04 to $2.30.
Merck said net income was $1.73 billion, or 56 cents per share. That was up from $1.69 billion, or 55 cents per share, a year earlier.
Excluding charges totaling $1.2 billion, net income was $2.93 billion, or 95 cents per share, 2 cents more than analysts expected. Revenue was $11.5 billion, down 4%. Analysts had expected $11.57 billion.
Sales of asthma and allergy pill Singulair dived by 55% in the three month period to $602m.
