Merck & Co said its second-quarter net income attributable to the company jumped to $2.02 billion or $0.65 per share from $752 million or $0.24 per share last year.

On a non-GAAP basis, quarterly net income amounted to $2.95 billion or $0.95 per share versus $2.71 billion or $0.86 per share a year earlier. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.95 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the second quarter of 2011 totaled $12.15 billion versus $11.35 billion in the comparable period. Analysts estimated revenues of $11.78 billion for the quarter.

The company raised the lower end of its 2011 non-GAAP earnings per share range and now targets a range of $3.68 to $3.76 and GAAP earnings per share range of $1.95 to $2.17. Earlier, the company anticipated 2011 non-GAAP earnings per share target of $3.66 to $3.76 and GAAP earnings per share of $2.04 to $2.39.

Twenty-four analysts project earnings per share of $3.74 for 2011.

Also, Merck continues to expect full-year 2011 revenue to grow in the low- to mid-single digit% range from a base of $46.0 billion in 2010.

Further, Merck remains on track to achieve its goal of $3.5 billion in annual cost synergies by the end of 2012. The company said it would more aggressively reduce its cost structure so it can continue to invest in long term profitable growth opportunities while driving a more efficient operating model.

As a result, Merck announced the next phase of its Merger Restructuring Program.  As part of this next phase, Merck expects to reduce its workforce, as measured on Dec. 31, 2009, by an additional 12 to 13% by the end of 2015. At the same time, Merck said it would continue to hire new employees in strategic growth areas of the business such as emerging markets.