Merck's Cancer Drug and Vaccine Sales Drive Better-Than-Expected Results

Core Insights - Merck reported better-than-expected quarterly results, driven by strong sales of Keytruda and Gardasil, leading to an increase in share price [1][3] - The company raised and narrowed its 2024 profit and sales outlook, indicating confidence in future performance [1][3] Financial Performance - Adjusted earnings per share (EPS) for the first quarter were $2.07, with revenue increasing by 8.9% to $15.78 billion, surpassing forecasts [1][3] - Keytruda sales rose by 19.9% to $6.95 billion, attributed to increased demand in earlier-stage and metastatic indications, although impacted by the devaluation of the Argentine peso [2] - Gardasil revenue advanced 14.0% to $2.25 billion, driven by rising sales in China and the U.S. public sector, along with higher pricing [2] Future Outlook - The company anticipates full-year adjusted EPS between $8.53 and $8.65, an increase from the previous estimate of $8.44 to $8.59 [3] - Projected sales for the year are expected to be in the range of $63.1 billion to $64.3 billion, up from the earlier estimate of $62.7 billion to $64.2 billion [3]