Merck Shares Climb After Higher-Than-Expected Sales of Cancer Drug Keytruda -- WSJ

Dow Jones04-25

By Peter Loftus

Shares of U.S. drugmaker Merck are up about 2.5% in premarket trading after reporting that its blockbuster cancer drug Keytruda fueled a higher-than-expected increase in quarterly sales and earnings.

Merck also raised and narrowed its forecast range for full-year sales and earnings.

Sales of Keytruda, the worlds top-selling drug, rose 20% to $6.9 billion for the first quarter. Merck has become dependent on Keytruda for more than 40% of company sales, and faces a revenue hit when Keytrudas main U.S. patent expires in 2028, which will allow low-cost copycat competition.

But analysts are growing increasingly confident that Merck will be able to offset the Keytruda patent hit with sales from newer products, including cardiovascular drug Winrevair, and a pneumococcal vaccine for adults that may get regulatory clearance in June.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 25, 2024 09:13 ET (13:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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