Merck Reports First-Quarter Results, Lowers Guidance
Merck (NYSE: MRK) released its first-quarter financial results before the market opened on Tuesday, reporting total sales of $12.1 billion, 11% higher than the year-ago period. Its biggest cash cow -- the cancer drug Keytruda -- continues to sell well. During the first quarter, the company generated $3.3 billion in revenues from Keytruda, a 45% year-over-year increase. Also, Merck's HPV vaccines -- Gardasil and Gardasil 9 -- recorded a 31% year-over-year increase in sales to $1.1 billion.
The gains, however, did not apply across the company's entire portfolio. For instance, sales of diabetes medicine Januvia fell 6% to $1.3 billion.
Overall, Merck's GAAP net income rose 10% year-over-year to $3.2 billion, and its earnings per share increased 13% to $1.26.
Source Fool.com
