Business

Merck shares soar along with its first quarter profit

Posted April 30, 2019 7:00 am

The Associated Press

KENILWORTH, N.J. (AP) - Merck is breezing past all expectations for the first quarter with global sales jumping 8 percent to almost $11 billion.

The New Jersey drugmaker on Tuesday said it earned $2.92 billion, or $1.12 per share. Earnings, adjusted for one-time gains and costs, were $1.22 per share, when industry analysts were projecting per-share earns of only $1.05.

Merck & Co. expects full-year earnings in the range of $4.67 to $4.79 per share, with revenue in the range of $43.9 billion to $45.1 billion.

Sales of the company's pivotal lung cancer treatment Keytruda soared in the first quarter of the year.

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Portions 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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