New Products Boost New Jersey-Based Merck's Earnings.(Originated from The Star-Ledger, Newark, N.J.)

Knight Ridder/Tribune Business News, April, 1997 by Silverman, Edward R.

Apr. 17--Merck & Co., the nation's biggest drug maker, yesterday reported that first-quarter earnings rose 18 percent on the strength of several new medications, particularly its cholesterol fighter, Zocor.

The Whitehouse Station company said net income was $1.02 billion, or 84 cents a share, up from $863.8 million, or 70 cents. Wall Street had expected Merck to earn 83 cents. As a result, Merck's stock closed yesterday at $85.75, up $1.25.

Revenue rose 23 percent, to $5.57 billion, from $4.53 billion. Among the products that accounted for the big gains was Zocor, which generated $805 million in the U.S., a 46 percent rise. Sales of Mevacor, another cholesterol drug, increased 6 percent, to $275 million.

In addition, sales of...