Merck Sharp and Dohme hails solid Q1 2012 performance

Merck Sharp and Dohme has expressed satisfaction with progress made towards its business goals during the first quarter of 2012.

The company's worldwide sales for the three months came to $11.7 billion (7.23 billion pounds), up by one percent year on year, with strong growth across all major divisions partially offset by reductions in alliance revenue and third-party manufacturing sales.

Double-digit growth of key products such as Januvia, Gardasil and Isentress was noted during Q1 2012 and important new drugs like Victrelis were launched, which will help the firm prepare for the patent expiry of Singulair.

The company has also made progress in its efforts to improve the efficiency of its business operations, with full-year revenues expected to be broadly level with those achieved in 2011.

Kenneth Frazier, chairman and chief executive officer of Merck Sharp and Dohme, said: "Merck's first-quarter results again demonstrated our ability to execute on our strategic plans and grow the top and bottom lines."

This comes after the firm announced last month that it will be allying with Endocyte on a new cancer drug collaboration that could potentially be worth more than $1 billion.