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Oct 27, 2020

Merck profit, revenue beat; raises full-year earnings guidance

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Merck & Co. reported third-quarter adjusted earnings of US$1.74 per share and revenue of US$12.55 billion, both of which beat analyst expectations. Sales for its blockbuster cancer drug Keytruda also came in above analyst projections.

The company also released updated 2020 guidance, with upbeat profit expectations for the year.

-Merck now expects adjusted 2020 earnings of US$5.91 to US$6.01, compared with previous guidance of US$5.63 to US$5.78

-The company also put out 2020 revenue guidance of US$47.6 billion to US$48.6 billion, compared with previous expectations of US$47.2 billion to US$48.7 billion.

-The new guidance reflects a continuing negative impact from the pandemic in the fourth quarter and a slower-than-expected recovery for the vaccine Gardasil 9, especially in the U.S., it said.