Merck shares jumped more than 3% on Tuesday after the pharmaceutical giant reported revenues and revenues in the second quarter that easily beat Wall Street's expectations.
The company has also narrowed expected revenue and revenue for the year.
Here's how the company did compared to what Wall Street expected:
- Revenue: $ 1.30 per share versus $ 1.16 per share provided by Refinitive
- Revenue: $ 11.76 billion versus $ 10.96 billion dollar forecast of Refinitive
The company expects full-year earnings per share between $ 4.84 and $ 4.94 against $ 4.75 a share Wall Street expects. For 201
Merck Chairman and Chief Executive Ken Frazier said in the earnings release.
Merck said the sale of Keytruda immunotherapy: "Our science-led strategy and execution across our key growth pillars has driven another quarter of accelerating revenue growth with strength over our global portfolio. Increased 58% in the quarter to $ 2.6 billion. , which boosts the immune system to attack cancer, has boosted Merck and put pressure on Bristol-Myers Squibb's rival drug Opdivo.
Sales of Merck's Gardasil vaccine to prevent certain cancers increased by 45.7% to $ 886 million Sales of vaccines for children, which include the company's MMR vaccine against measles, jumped 58% to $ 675 million.
The financial results come as the entire drug market is struggling amid control from the White House and Congress to reduce prescription drug costs. SPDR S&P Pharmaceuticals XPH, an ETF that tracks the pharmaceutical industry's largest companies, has grown by about 3% so far today from and with Monday's close, and significantly increased the S&P 500's 20% increase over the same time period.
This is an evolving story. Please check for updates.