Merck (MRK, Financial) reported second quarter earnings on Friday, July 29. The Dow Jones Industrial Average component beat earnings estimates for both revenue and earnings per share. Revenue for the quarter was $9.84 billion, beating estimates by $60 million. Earnings per share for the quarter were 93 cents, beating estimates by 0.02 cents.
For the quarter, Merck reported a 1% gain in revenue. Revenue for Merck continued to be driven by top drugs in the pharmaceutical business. In the second quarter, Keytruda led growth in oncology, with sales increasing from $110 million in the second quarter of 2015 to $314 million in the second quarter of 2016. Cubicin also led sales for Merck with a comparable quarter sales growth rate of 22%. Sales in Cubicin increased to $357 million in the second quarter.
Earnings for Merck were also positive for the quarter. In the second quarter, Merck reported net income of $2.587 billion. Earnings per share were 93 cents. Earnings per share increased 8% from the second quarter of 2015.
In a CNBC report following the company’s earnings, market specialist Barbara Ryan had the following insights on the company’s second quarter results.
Disclosure: I do not own any shares of Merck.
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