Merck beat estimates for adjusted earnings per share and sales, but about $550 million in sales came from purchase timing. Pipeline progress may help as Keytruda nears loss of patent protection, though RBC lowered its price forecast.
These results give Merck more support for growth as Keytruda nears loss of patent protection. A partnered cancer-treatment trial had its first positive Phase 3 results, and the FDA accepted Merck’s Sac-TMT application for priority review. Some sales came from purchase timing, and RBC lowered its price forecast. Those points temper the report, but the stronger results and pipeline progress leave the overall read positive.
Moderna’s partnered cancer-treatment trial with Merck produced its first positive Phase 3 results. This is progress for a treatment still under development, not a report of sales.
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