World News | Despite Pandemic, Merck Increases 2Q Net, Profit Forecast
Get latest articles and stories on World at LatestLY. Surging sales of its cancer medicines and reduced spending across the board helped Merck overcome a big hit from the coronavirus pandemic and increase its profit 12% in the second quarter.
Fairless Hills, Jul 31 (AP) Surging sales of its cancer medicines and reduced spending across the board helped Merck overcome a big hit from the coronavirus pandemic and increase its profit 12% in the second quarter.
The drugmaker boosted its financial forecast for the year Friday even as it spends heavily on the development of two experimental vaccines and a possible treatment for COVID-19.
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The pandemic kept many people away from doctors and veterinarians, cutting into sales for nearly all medicines produced by the Kenilworth, New Jersey, company. Revenue fell 8%, to $10.87 billion, from $11.76 billion.
However, sales of immuno-oncology blockbuster Keytruda and other cancer drugs rose, partly due to approvals for new uses or patient groups.
Merck posted net income of $3.0 billion, or $1.18 per share, up from $2.67 million, or $1.03 per share, a year earlier. (AP)
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