Pharmaceutical major, Drugmaker Merck & Co has recorded a 2 per cent increase in profit during the third quarter of the current year.

The company's profits rose to $1.73 billion for the quarter till September 2012 compared to $1.69 billion recorded in the same quarter of the previous year. The total sales revenue fell from to $11.5 billion from $12 billion. The company recorded a 15 percent growth in revenues from the sales of diabetes medication Januvia to $975 million compared to $846 million earlier.

Merck's top-selling drug during the third quarter of 2011 was asthma drug Singulair. Due to increased competition from generic players, the sales fell 55 percent for the quarter to $602 million in 2012 compared to $1.336 billion. Merck executive vice president Adam H. Schechter said that the company saw a loss of 90 percent in prescription volume within one year of the expiration of patent protection.

Merck chairman, chief executive officer, and Philadelphia native Kenneth C. Frazier said in a statement that, "We will continue to drive value for our customers and shareholders through Merck's four-part strategy of executing on our core business, expanding geographically in high-growth markets, extending our complementary businesses and excelling at managing our costs while investing for growth."