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KENILWORTH, N.J. (AP) — Merck is reporting a very strong third quarter with sales of one of its key drugs soaring 62%.
The pharmaceutical company on Tuesday posted earnings of $1.9 billion, or 74 cents per share. Removing one-time costs, earnings were $1.51 per share, easily topping Wall Street projections of $1.25, according to a survey by Zacks Investment Research.
Revenue jumped 15% to of $12.4 billion.
Sales of Merck's cancer immunotherapy drug Keytruda soared to $3.1 billion in the quarter.
Merck expects full-year earnings in the range of $5.12 to $5.17 per share, with revenue in the range of $46.5 billion to $47 billion.
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