Merck & Co. reported higher revenue in the latest quarter, pointing to strength for drugs such as Keytruda and Winrevair, as well as its animal health business. The third-quarter results topped Wall Street’s expectations, and prompted the company to bump up both its profit and sales forecasts for the year.
Merck’s third-quarter sales rose 5%, to $18.09 billion, beating Wall Street expectations. The cancer drug Keytruda generated $8.6 billion in sales, representing nearly half of Merck’s total worldwide sales in the quarter.
Merck raised its full-year adjusted earnings forecast to a range of $2.77 to $2.82 per share. Third-quarter profit came in at $5.07 billion, or $2.04 a share, compared with $5.79 billion, or $2.32 a share, a year earlier.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing