Better-than-expected sales of a COVID-19 treatment and its cancer blockbuster Keytruda helped push Merck past profit forecasts in the first quarter.
The drugmaker said Thursday that it also was raising its forecast after its coronavirus capsule treatment Lagevrio brought in almost $3.2 billion in sales in the quarter.
Wall Street was expecting Lagevrio sales of $2.54 billion for the drug, which debuted late last year under the name molnupiravir.
Keytruda registered $4.81 billion in sales, while analysts expected $4.47 billion, according to a survey by FactSet.
Adjusted earnings totaled $2.14 per share, while total sales jumped 50% to $15.9 billion.
Analysts expected, on average earnings of $1.83 per share on about $14.55 billion in revenue in the quarter.
Lagevrio, made by Merck and Ridgeback Biotherapeutics, is one of two pill treatments for COVID-19 that are aimed at treating patients most at risk of winding up in a hospital from the virus.
U.S. regulators approved Lagevrio and Pfizer’s Paxlovid in December, and Merck produced 10 million courses of its treatment by the end of 2021. It plans to add an additional 20 million in 2022.
The drugmaker said in February that it had produced about 3.1million courses for the U.S. government. The U.S. agreed to pay roughly $700 per course for those treatments.
The company also said Thursday it was raising its forecast for the year. Merck now expects adjusted earnings to range between $7.24 and $7.36 per share after forecasting $7.12 to $7.27 per share in February.
Analysts expect earnings of $7.28 per share, according to FactSet.
Shares of Merck & Co. Inc., based in Kenilworth, New Jersey, climbed before the opening bell Thursday.