RTTNews | Oct 28, 2021 07:07AM EDT

07:07 Thursday, October 28, 2021 (RTTNews.com) - Biopharmaceutical company Merck & Co., Inc. (MRK) reported Thursday that third-quarter net income attributable to the company increased to $4.57 billion or $1.80 per share from $2.32 billion or $0.92 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.75 per share, compared to $1.37 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $1.55 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide sales for the quarter increased 20 percent to $13.15 billion from $10.93 billion in the same quarter last year. The Street was looking for revenues of $12.33 billion for the quarter. Excluding the impact from foreign exchange, sales decreased 19 percent.

Pharmaceutical sales increased 8 percent to $11.50 billion, with KEYTRUDA sales growing 22 percent to $4.5 billion, GARDASIL / GARDASIL 9 surging 68 percent to $1.99 billion and JANUVIA / JANUMET sales edging up 1 percent to $1.34 billion from last year.

Merck said it is raising its outlook as it continues to experience strong global underlying demand across its business.

Looking ahead to fiscal 2021, Merck now projects earnings in a range of $4.71 to $4.76 per share and adjusted earnings in a range of $5.65 to $5.70 per share on sales growth of 14 to 15 percent and revenues between $47.4 billion and $47.9 billion, including a positive impact from foreign exchange of approximately 1.5 percent.

Previously, the company expected earnings in the range of $4.24 and $4.34 per share and adjusted earnings in the range of $5.47 and $5.57 per share on sales growth of 12 to 14 percent and revenues between $46.4 billion and $47.4 billion, including a positive impact from foreign exchange of less than 2 percent.

Analysts expect annual earnings of $5.77 per share on revenues of $48.16 billion for the year.

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