By Michael Erman
(Reuters) – Merck & Co on Thursday posted better-than-expected third-quarter sales and earnings on a strong performance by its blockbuster cancer immunotherapy drug Keytruda and human papillomavirus vaccine Gardasil.
The drugmaker also raised its full-year sales and earnings forecasts despite headwinds created by the weak euro and pound.
Third-quarter sales climbed 14% to $15.0 billion, ahead of a Refinitiv consensus estimate of $14.1 billion.
The company said profit in the quarter was $4.7 billion, or $1.85 a share, excluding certain items. That compares with $4.5 billion, or $1.78 per share, a year earlier. Analysts had been expecting earnings of around $1.71 per share.
Sales of Keytruda jumped around 20% to $5.4 billion, in line with analysts’ estimates. Gardasil sales rose 15% to $2.3 billion, topping expectations by more than $200 million.
The company also posted slightly better-than-expected sales of its COVID-19 antiviral drug Lagevrio (molnupiravir) in the quarter. It developed the drug and shares profits with partner Ridgeback Biotherapeutics.
Merck now expects full-year sales between $58.5 billion and $59 billion, up from its previous range of $57.5 billion to $58.5 billion. It exects full-year profit in the range of $7.32 to $7.37 per share.
Merck said on Wednesday Chief Executive Officer Rob Davis would take on the additional role of chairman as of Dec. 1, succeeding the company’s current chairman, Ken Frazier.
(Reporting by Michael Erman; Editing by Edwina Gibbs)
