Merck beats earnings expectations, raises outlook on strong Keytruda and vaccine sales

Merck reported first-quarter revenue and adjusted earnings that topped expectations as it posted strong sales of its blockbuster cancer drug Keytruda and vaccine products.

The company expects full-year adjusted earnings of $8.53 to $8.65 per share, up from its prior forecast of $8.44 to $8.59 per share.of Harpoon Therapeutics in January. The company develops immune-based cancer drugs. The guidance also includes a negative impact of 30 cents per share from foreign exchange changes.

Excluding acquisition and restructuring costs, Merck earned $2.07 per share for the first quarter. Both adjusted and non-adjusted profit for the period include the charge related to the Harpoon deal.patent expiration Merck is also cutting costs under a new restructuring program it announced in February. Those efforts aim to improve the manufacturing network of both its pharmaceutical division and animal health business.

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