Merck & Co beats analysts’ expectations despite lower sales
US pharma giant Merck & Co (NYSE: MRK) today posted third-quarter 2015 financial results, showing that worldwide sales were down 4.6% to $10.1 billion.
Excluding the impact of foreign exchange, acquisitions and divestitures, global revenues grew 4%, with the strong dollar offsetting strong demand for its diabetes drugs. Analysts on average had expected revenue of $10.08 billion. Merck’s shares gained 1.6% to $53.75 in early-morning trading.
Net income doubled to $1.83 billion, or $0.64 per share, for the third quarter. Non generally-accepted accounting principles (GAAP) earnings per share increased 7% to $0.96, beating the average EPS of $0.91 forecast of analysts, according to Thomson Reuters I/B/E/S. GAAP earnings came in at $0.64 a share.
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