Merck & Co. Inc. saw its fourth-quarter 2016 non-GAAP net income decrease year over year to $2.47 billion, or 89 cents per share, from $2.61 billion, or 93 cents per share, in the final months of 2015.

The result met the S&P Capital IQ normalized EPS consensus estimate for the fourth quarter.

On a GAAP basis, the pharma giant recorded $1.18 billion, or 42 cents per share, in fourth-quarter 2016 net income which would compare to $976 million, or 35 cents per share, in the corresponding period of 2015.

Fourth-quarter 2016 sales remained largely flat year over year at $10.12 billion, results showed.

Merck's full-year 2016 non-GAAP income totaled $10.54 billion, or $3.78 per share, an increase from $10.20 billion, or $3.59 per share, in 2015.

The S&P Capital IQ normalized EPS consensus estimate for the year was $3.79.

Full-year 2016 GAAP income of $5.69 billion, or $2.04 per share, compared to $4.44 billion, or $1.56 per share, in 2015. The company generated $39.81 billion in sales during the year, up slightly from $39.49 billion in 2015.

The company will target $2.47 to $2.62 in GAAP and $3.72 to $3.87 in non-GAAP EPS during 2017.

The S&P Capital IQ normalized EPS consensus estimate for full-year 2017 is $3.85.