I filed a bug over on https://bugbase.adobe.com/
BUG ID 3291790
Vote it up so we can deliver apps over 50MB to the Google Play store!
INFO:
The Google Play store requires any app over 50MB to be broken into extension files. There is currently no way to package your project in Flash Pro CS6 using Google's required methods.
http://developer.android.com/guide/google/play/expansion-files.html