Merck Q2 profit up 5% - Update 1

EDITOR'S PICK (RTTNews) - Drug manufacturer Merck & Co. Inc. (MRK: ) Monday reported higher profit for the second quarter, despite a decline in sales, as costs and expenses declined in the quarter. On a non-GAAP basis, excluding restructuring charges, earnings topped Street expectation. The Whitehouse Station, New Jersey-based company reported second quarter net income of $1.768 billion or $0.82 per share, up from $1.676 billion or $0.77 per share in the second quarter of 2007. Results of the just concluded period includes restructuring costs of $16.1 million and year-ago results include restructuring costs of $118.7 million, primarily related to accelerated depreciation associated with Merck's global restructuring program. On a non-GAAP basis, excluding restructuring charges, the company reported earnings of $0.86 per share... [read full story]