Merck & Co., Inc. (NYSE: MRK) reported stronger than expected earnings and sales for the third quarter of 2020. The company’s stock gained early Tuesday immediately after the announcement.
Worldwide sales edged up 1% year-over-year to $12.55 billion and far exceeded expectations. Excluding foreign exchange impacts, sales grew 2%. The top-line benefitted from strength in the oncology and human health vaccines.
Net earnings, on an adjusted basis, rose to $1.74 per share from $1.51 per share in the third quarter of 2019 and surpassed the market’s forecast.
Unadjusted net income advanced to $2.94 billion or $1.16 per share from $1.90 billion or $0.74 per share last year.
Read management/analysts’ comments on Merck’s Q3 2020 earnings
Shares of the company gained during Tuesday’s premarket trading, after closing the previous session lower.