Merck beats quarterly estimates on strength of Keytruda and new products, narrows outlook
Merck reported stronger-than-expected first-quarter results, driven by robust sales of its cancer drug Keytruda and strong growth from newer products like Winrevair. The company's pharmaceutical unit saw a 5% revenue increase, while its animal health division also posted double-digit growth. Despite declining sales of the Gardasil vaccine, particularly in China and Japan, overall performance led Merck to narrow its full-year financial outlook.
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Merck's pharmaceutical unit, which develops a wide range of drugs, booked $14.35 billion in revenue during the first quarter. That's up 5% from the same period a year earlier.Sales of Keytruda topped $8.03 billion for the quarter, rising 12% from the same period a year ago. Analysts were expecting revenue of $7.78 billion, according to StreetAccount estimates. The increase in Keytruda revenue was driven in part by higher uptake of the drug for earlier-stage cancers and strong demand for the treatment for metastatic cancers, which spread to other parts of the body, the company said. Sales of the more convenient injectable version of Keytruda, which won approval last year, came in at $128 million during the first quarter.
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