New Jersey-based Merck MRK is a global research-driven pharmaceutical products company. Well known products in Merck’s portfolio include Remicade, Nasonex, Simponi, Vytorin and Zetia, Januvia and Janumet, Isentress, PegIntron, Maxalt, Cosopt/Trusopt, Temodar, Emend, Keytruda, Cozaar/Hyzaar, Zocor, Proscar, ProQuad, Gardasil, RotaTeq, Zostavax and NuvaRing.However, like many of its peers, Merck is facing headwinds in the form of generic competition for several key products. The company sold off its Consumer Care business to Bayer for $14.2 billion in Oct 2014. Meanwhile, Merck acquired hepatitis C virus focused company Idenix in Aug 2014 and Cubist in 2015. Merck is also focusing on immuno-oncology.MRK has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 7.13%.Currently, MRK has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:Earnings Beat: MRK’s first quarter earnings were better-than expected. The company reported EPS of 89 cents while our consensus called for EPS of 85 cents.Revenue Miss: Merck’s first quarter revenues came in at $9.3 billion, falling short of consensus estimates of $9.5 billion.2016 Outlook Updated: Merck expects 2016 earnings in the range of $3.65 - $3.77 per share, including an approximately 2% negative impact from foreign exchange at mid-April exchange rates. The company had previously guided towards 2016 earnings of $3.60 - $3.75 per share, including negative currency impact of approximately 4%.Revenues are now expected in the range of $39.0 billion - $40.2 billion, including an approximately 2% negative impact from foreign exchange. The company had earlier guided towards revenues of $38.7 billion - $40.2 billion, including a negative currency impact of about 3%. The Zacks Consensus Estimate for earnings and revenues is currently $3.71 per share and $40.1 billion, respectively.Check back later for our full write up on this MRK earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MERCK & CO INC (MRK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research