Merck & Co. is reporting third-quarter earnings of $2.94 billion on some very strong sales.
The Kenilworth, New Jersey, company on Tuesday reported a profit of $1.16 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $1.74 per share.
That easily topped Wall Street expectations for earnings of $1.44 per share, according to a survey of analysts by Zacks Investment Research.
Revenue of $12.55 billion, also easily beating analyst projections for $12.26 billion.
Merck expects full-year earnings in the range of $5.91 to $6.01 per share, with revenue in the range of $47.6 billion to $48.6 billion.
Merck shares have dropped 13% since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5%. The stock has declined 4.5% in the last 12 months.
A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK