Merck & Co Inc. (NYSE:MRK), the second-largest U.S. drugmaker, edged higher in morning trade after posting better-than-expected quarterly results.
Shares gained 1.1 percent to $58.62 at 10:06 a.m. in New York.
Net income jumped to $2.03 billion, or 68 cents per share, in the second quarter. That compared with $906 million, or 30 cents per share, in the year-earlier period, the White House Station, New Jersey-based company said in a statement today.
Excluding special items, Merck earned 85 cents per share. Analysts, on average, expected 81 cents.
Global revenue slipped 1 percent to $10.93 billion, but surpassed expectations of $10.6 billion.
Pharmaceutical sales dropped 2 percent to $9.09 billion due to the ongoing impact of the loss of market exclusivity for Temodar and Nasonex.
Sales from the hepatitis franchise of Victrelis and Pegintron declined as a result of increased competition.
Consumer sales climbed 19 percent and animal health sales grew 2 percent.
Moving forward, Merck raised the bottom end of its 2014 adjusted earnings forecast. The company now expects full-year reported earnings per share to be between $4.44 and $4.77 including the potential impact of Venezuelan Bolivar devaluation, and adjusted earnings per share to be between $3.43 and $3.53.
Wall Street currently is looking for fiscal year 2014 earnings of $3.48 per share.