Merck Profit Tops Analyst Estimates on Diabetes Drug Sales
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Merck & Co., the second-largest U.S. drugmaker, reported third-quarter profit that topped analysts’ expectations on higher sales of diabetes drugs and vaccines. The company raised the lower end of its annual forecast.
Net income climbed to $1.69 billion, or 55 cents a share, from $342 million, or 11 cents, a year earlier, when results included a $950 million legal reserve charge, the Whitehouse Station, New Jersey-based company said today in a statement. Earnings excluding one-time items of 94 cents a share beat by 3 cents the average estimate of 15 analysts surveyed by Bloomberg.