Print Edition - 2018-07-29  |  Money Digest

Merck

NEW JERSEY

Jul 29, 2018-

Merck & Co beat quarterly profit estimates on Friday as sales of its blockbuster drug Keytruda overtook rival Bristol-Myers Squibb’s Opdivo, but that was not enough for investors who expected bigger gains in market share for the cancer therapy. Shares of the Dow component fell as much as 2.5 percent, with the company sticking to its decision to keep the animal health unit unlike rival Eli Lilly, which plans to take its unit public. “They’re (Merck) going in the right direction and in the next couple of quarters they are going to gain more market share from Bristol, but maybe it’s taking a little longer than expected,” Jeff Jonas, a portfolio manager at Gabelli Funds that owns shares of Merck, said. (REUTERS)

Published: 29-07-2018 08:33

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