U.S. drugmaker Merck & Co Inc on Friday reported quarterly profit that edged past estimates, helped by strong demand for its blockbuster cancer treatment Keytruda.
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Sales of Keytruda, the most important drug in Merck’s portfolio, rose 66 percent to $2.15 billion in fourth quarter, compared with analysts’ average estimate of $2.12 billion, according to IBES estimates from Refinitiv.
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The company, however, forecast muted 2019 revenue and earnings, joining major drugmakers such as Amgen Inc and Pfizer Inc that forecast disappointing profits for the year.
The company forecast 2019 revenue in the range of $43.2-$44.7 billion, compared with analysts’ average estimate of $44.53 billion.
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Excluding one-time items, the company earned $ 1.04 per share versus analysts’ average estimate of $1.03, according to Refinitiv data.
Revenue rose to $11 billion from $10.43 billion.
(Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)
