Merck & Co Inc's (NYSE:MRK, ETR:6MK) shares rose 1.4% in pre-market trading after reporting higher-than-expected second-quarter results, driven by strong sales of its top-selling cancer drug, Keytruda.
It prompted the group to raise its sales target for 2024, though its 2024 earnings line has been tweaked lower to reflect one-off acquisition charges.
The pharmaceutical giant posted a profit of $5.5 billion, or $2.14 per share, reversing a $6 billion loss from the previous year.
Adjusted earnings were $2.28 per share, surpassing the $2.15 average analyst estimate.
Quarterly sales reached $16.1 billion, up 7% from last year, beating the Street of $15.8 billion.
Sales of Keytruda, an immunotherapy drug, jumped 16% to $7.3 billion, exceeding expectations.
Merck raised its full-year sales outlook to $63.4-$64.4 billion.
Ahead of the bell, Merck was marked $1.72 higher to $129.50.