UPDATE: Merck Reports Upbeat Q1 Earnings; Shares Rise In Pre-Market trading

Merck & Co MRK reported a more than three-fold surge in its Q1 net income. The company's quarterly net income increased to $1.04 billion, or $0.34 per share, from $299 million, or $0.09 per share, in the year-earlier period. The company's sales increased 1% to $11.58 billion from $11.42 billion. On an adjusted basis, the company's earnings came in at $0.92 per share, compared with $0.83 per share a year ago. However, analysts were expecting earnings of $0.84 per share. Merck affirmed its full-year profit projections of $3.66 to $3.76 per share, compared with analysts' estimates of $3.70 per share. Merck shares gained 2.01% to $36.49 in pre-market trading Read more from Benzinga's Company news.