German drugmaker Merck KGaA (MKGAY.PK) Tuesday reported higher profit for the first quarter, adding that it wants to achieve its goals for 2014 one year earlier in 2013 itself.
Net income for the quarter increased to 266.0 million euros from 172.7 million euros in the previous year. Earnings per share rose to 1.22 euros from 0.79 euros.
The latest results included one-time items totaling 47 million euros, including 42 million euros related to the "Fit for 2018" program.
Excluding items, earnings per share were 2.11 euros versus 1.66 euros last year.
Total revenues rose to 2.761 billion euros from 2.645 billion euros in the prior year, fuelled by organic growth of 5.6 percent .
Sales totaled 2.660 billion euros compared to 2.564 billion euros last year.
Karl-Ludwig Kley, Chairman of the Executive Board of Merck, said, "Merck got off to a solid and profitable start in 2013 with all four divisions contributing to our organic sales growth. In addition, we are making excellent progress on our 'Fit for 2018' program...we expect that by the end of the year, EBITDA pre should exceed € 3 billion."
Looking ahead, the firm said it wants to achieve 2014 goals for sales and earnings in 2013 itself.
Adjusted earnings per share are estimated to be 8.50 - 9.00 euros and adjusted EBITDA is expected in the range of 3.1 billion euros to 3.2 billion euros. Sales are anticipated to range between 10.7 billion euros and 10.9 billion euros.
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