Merck Profit Beats Analysts’ Estimates on Research Cost Cuts

Merck & Co., the second-biggest U.S. drugmaker by sales, beat analysts’ earnings estimates as the company cut spending on promotions and research.

First-quarter profit excluding certain items was 88 cents a share, 9 cents above the average of 16 analysts’ estimates compiled by Bloomberg. Sales were $10.3 billion, down from $10.7 billion, a year earlier, Merck, based in Whitehouse Station, New Jersey, said today in a statement.