Merck & Co Inc blew past Wall Street expectations for third-quarter profit on Tu...
) blew past Wall Street expectations for third-quarter profit on Tuesday, as sales of its blockbuster immunotherapy Keytruda crossed the $3-billion mark for the first time in a quarter and beat lofty estimates.
Shares of the Kenilworth, New Jersey-based company rose 1.4% to $82.2 in early trading after the drugmaker raised its 2019 profit forecast. Besides lung cancer, Keytruda’s strength was also powered by continued use of the drug in patients with certain types of kidney cancer, Merck said. Profit was also boosted by the company’s line of vaccines for diseases, including chickenpox and measles, that brought in revenue of $2.5 billion, an increase of 17%.
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