Merck Shares Rise Following Strong Third-Quarter Earnings and Analyst Upgrades
Merck (MRK) saw its stock price climb over 2% following robust third-quarter financial results that exceeded analyst expectations. Total sales grew by 5% to more than $18 billion, primarily driven by the continued success of the oncology blockbuster Keytruda. Despite a 4% dip in non-GAAP net income to approximately $6.2 billion, the company's performance surpassed consensus estimates. The positive momentum was further bolstered by several major financial institutions raising their price targets for the pharmaceutical giant. Analysts from Bank of America and JPMorgan Chase both increased their outlooks while maintaining buy recommendations. This strength allowed Merck to outperform a declining broader market, specifically contrasting with an 1.8% drop in the S&P 500.
Topics: analyst price target increase earnings report pharmaceuticals revenue growth