Merck & Co Inc ( NYSE:MRK )
A rise in demand for blockbuster cancer treatment Keytruda and human papillomavirus vaccination Gardasil contributed to Merck & Co Inc ( NYSE: MRK ) higher-than-expected sales and earnings for the third quarter , which were revealed on Thursday. As a result, Merck stock soared in the market.
Merck stock price rose by approximately 2% at lunchtime as the U.S. pharmaceutical company again increased its full-year sales and profit outlook, offsetting the adverse effects of a weak euro and pound. Compared to the overall market, the company’s stock price has increased by more than 30% this year.
Merck has been actively pursuing partnerships to offset the income loss that would occur when the patents protecting Keytruda expire at the end of the decade. In the summer, the business was said to have been in acquisition negotiations with cancer-focused biotech Seagen Inc., but no deal was ultimately reached.
“Our focus on company expansion remains urgent. There is a directory of possible venues that we might peruse, “On a conference call with investors, Robert Davis, CEO of Merck, made the following statement. The next logical step is to make things happen, and that’s what we’re working toward.
CFO Caroline Litchfield states that a value disagreement is a significant obstacle to closing acquisitions.
In an interview, she noted that “sellers’ expectations continue to trail what the marketplace looks like.”
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