Merck shares jumped more than 3% on Tuesday after the pharmaceutical giant reported second-quarter earnings and revenue that easily beat Wall Street’s expectations.
The company also narrowed its earnings and revenue forecast for the year.
Here’s how the company did compared with what Wall Street expected:
- Earnings: $1.30 per share vs. $1.16 per share forecast by Refinitiv
- Revenue: $11.76 billion vs. $10.96 billion forecast by Refinitiv
The company expects full-year earnings per share between $4.84 and $4.94 versus the $4.75 a share Wall Street expects. It sees 2019 revenue coming between $45.2 billion and $46.2 billion. Wall Street was expecting revenue of $44.74 billion this year.
Merck said sales of Keytruda immunotherapy surged 58% in the quarter to $2.6 billion. Keytruda, which boosts the immune system to attack cancer, has driven growth for Merck and put pressure on Bristol-Myers Squibb’s rival drug Opdivo.
This is a developing story. Please check back for updates.
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