Merck & Co. reported better-than-expected quarterly results on Tuesday, with sales of newer drugs helping to offset the impact of generic competition on the sales of other drugs.
The No. 2 U.S. drugmaker earned $2.03 billion, or 68 cents per share, in the second quarter. That compared with $906 million, or 30 cents per share, in the year-earlier period, when Merck took charges for acquisitions and restructuring.
Excluding special items, Merck earned 85 cents per share. Analysts, on average, were expecting 81 cents per share, according to Thomson Reuters I/B/E/S.
Global revenue slipped 1 percent to $10.93 billion, but exceeded Wall Street expectations of $10.6 billion.
Merck said it expects full-year earnings of $3.43 to $3.53 per share. In April, it had predicted $3.35 to $3.53.
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