Merck & Co. (MRK) on Friday reported second-quarter net income of $1.95 billion.
On a per-share basis, the Kenilworth, New Jersey-based company said it had profit of 71 cents. Earnings, adjusted for one-time gains and costs, were $1.01 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.
The pharmaceutical company posted revenue of $9.93 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $9.79 billion.
Merck expects full-year earnings in the range of $3.76 to $3.88 per share, with revenue in the range of $39.4 billion to $40.4 billion.
Merck shares have increased 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. The stock has increased roughly 9 percent in the last 12 months.
By: Associated Press.
Photo: Smart Stock News.
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