Merck beats Q1 estimates as Keytruda sales double
Merck is the victim of its own success, judging from its first-quarter report. The company beat sales and earnings estimates, and it upped its guidance for the year, despite some significant suffering from generic competition. Sales of its hit immuno-oncology drug Keytruda skyrocketed 134% to $584 million during the quarter. Merck’s sales were up 1% to $9.4 billion and its net income was flat at $2.4 billion or 88 cents per share on a non-GAAP basis—beating the consensus estimate of 82 cents. Merck is combining Keytruda with other drugs in multiple ongoing clinical trials. And if Merck gets the FDA’s approval, its marke...
