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

Oct 27, 2022, 5:22 AM | Updated: 5:30 am

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.

_____

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

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

India’s G-20 energy meet to balance renewables, fossil fuels

BENGALURU, India (AP) — Over 500 energy industry heavyweights and 30,000 participants will descend on the southern Indian city of Bengaluru on Monday to discuss the future of renewables and fossil fuels at India Energy Week — the first big ticket event of the country’s presidency of the Group of 20 leading economies. Speakers, including […]
21 hours ago
FILE - Mega Millions lottery tickets and a wager slip are displayed, Friday, Jan. 6, 2023, in Derry...
Arizona Sports

Drawing nears for $700M Powerball prize, 10th biggest in US

Another huge lottery jackpot will be on the line Saturday for players willing to put up $2 vs. daunting odds of actually winning the prize.
21 hours ago
Chinese spy balloon flies above in Charlotte NC, United States on February 04, 2023. The Pentagon a...
Associated Press

US downs suspected Chinese spy balloon off the Carolina coast

The United States on Saturday downed a suspected Chinese spy balloon off the Carolina coast after it traversed sensitive military sites.
21 hours ago
A man works at an avocado orchard in Santa Ana Zirosto, Michoacan state, Mexico, Thursday, Jan. 26,...
Associated Press

Route to Super Bowl dangerous for Mexico’s avocado haulers

SANTA ANA ZIROSTO, Mexico (AP) — It is a long and sometimes dangerous journey for truckers transporting the avocados destined for guacamole on tables and tailgates in the United States during the Super Bowl. It starts in villages like Santa Ana Zirosto, high in the misty, pine-clad mountains of the western Mexico state of Michoacan. […]
21 hours ago
Associated Press

Iraqi currency crash halts after meeting with U.S. official

BAGHDAD (AP) — Iraq’s currency ended its nosedive after a meeting between the Iraqi Central Bank head and a top U.S. Treasury official. Under Secretary of the Treasury for terrorism and financial intelligence Brian E. Nelson said in a statement Saturday that he had met with Central Bank of Iraq Governor Ali al-Allaq in Istanbul […]
21 hours ago
Associated Press

Gas prices dip in NJ, around nation as cold weather returns

TRENTON, N.J. (AP) — Gas prices dipped in New Jersey and around the country at large as cold weather descended on parts of the nation following an unusually warm January. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.42, down three cents from last week. […]
21 hours ago

Sponsored Articles

...
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
...
Quantum Fiber

How high-speed fiber internet can improve everyday life

Quantum Fiber supplies unlimited data with speeds up to 940 mbps, enough to share 4K videos with coworkers 20 times faster than a cable.
...
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
Drugmaker Merck tops 3Q forecasts as Keytruda sales jump 20%