Merck (NYSE:MRK) shares ticked up today on third-quarter results that beat the consensus forecast.
The company also announced that it projects its oral COVID-19 antiviral molnupiravir to bring in between $5 billion and $7 billion in revenue next year.
MRK shares were up 4.9% at $85.55 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually unchanged.
The Kenilworth, N.J.-based company posted profits of $4.6 billion, or $1.80 per share, on sales of $13.2 billion for the three months ended Sept. 30, 2021, for a 96.5% bottom-line gain on sales growth of 20.4%.
Adjusted to exclude one-time items, earnings per share were $1.75, 20¢ ahead of Wall Street, where analysts were looking for sales of $12.3 billion.
“Merck delivered another strong quarter with positive momentum across our business and meaningful progress across our pipeline. Our teams continued to excel as we focus on evolving our operations, while driving innovations in our labs that exemplify the best of Merck science,” Merck CEO and President Robert M. Davis said in a news release.
Davis also highlighted the company’s continued progress in oncology and COVID-19, including positive Phase 3 data for molnupiravir. “We recently announced our proposed acquisition of Acceleron, which will strengthen our cardiovascular portfolio with complementary, cutting-edge science and an exciting late-stage candidate,” Davis said. “Looking ahead, we remain focused on building more momentum, delivering on our mission of saving and improving lives and continuing to expand our portfolio and pipeline for long-term success and sustainable value creation.”
Merck said it now expects to log adjusted EPS of between $5.65 and $5.70, with its 2021 revenue range projected for between $47.4 billion and $47.9 billion.