Drugmaker Merck tops 3Q forecasts as Keytruda sales jump 20%

By AP News

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Merck turned in a better-than-expected third quarter and raised its 2022 forecast as the drugmaker’s top seller brought in over a third of its revenue

Merck turned in a better-than-expected third quarter and raised its 2022 forecast as the drugmaker’s top seller brought in over a third of its revenue.

Sales of the cancer fighter Keytruda grew 20% to more than $5.4 billion in the quarter and would have jumped 26% without the impact of foreign exchange rates, Merck said Thursday.

The drugmaker also saw sales for its Gardasil vaccine grow 15% to $2.3 billion. That vaccine protects against cancer-causing human papilloma virus infections.

Overall, Merck’s total revenue grew 14% to $14.96 billion in the quarter, and adjusted earnings totaled $1.85 per share.

Analysts were expecting earnings per share of $1.67 on $14.05 billion in revenue, according to Zacks Investment Research.

Merck’s bottom line fell 29% in the quarter to $3.25 billion as research and development costs and other expenses rose.

The Rahway, New Jersey-based company now expects full-year earnings in the range of $7.32 to $7.37 per share. That’s a higher and narrower forecast than what it predicted in July.

Analysts expect, on average, earnings of $7.34 per share from Merck in 2022, according to FactSet.

Company shares jumped 2% to top $100 in premarket trading Thursday. That would mark a new all-time high price in regular trading, according to FactSet.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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