Health
Merck Forecasts Strong Profit On Continued Keytruda Momentum
- Drugmaker searches for new sources of growth with deals
- Forecast includes recent acquisition of biotech Harpoon
Merck & Co. forecast annual profit ahead of Wall Street views as sales of its cancer blockbuster Keytruda remained strong ahead of a looming patent expiration.
Merck could face generic competition later this decade for its top-seller Keytruda, which grew 19% to $25 billion in sales last year. Under Chief Executive Officer Rob Davis, the company has inked billions of dollars worth of deals for new drugs to offset that pressure.