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Merck Profit Jumps, Prompting Higher Annual Forecast

Merck & Co. boosted its earnings forecast for the year as profit more than doubled in its latest quarter, with adjusted results topping expectations, as the pharmaceutical giant was helped by lower costs.

For the quarter, the company recorded an 11% drop in costs and expenses and a 17% slide in marketing and administrative costs. Still, sales fell 5% compared with the same period a year earlier, as the drug maker faced currency headwinds.

Along with the results, Merck raised its annual adjusted earnings forecast to $3.55 to $3.60, from a previous range of $3.45 to $3.55. The company also raised the low end of its revenue forecast to $39.2 billion to $39.8 billion from a previous range of $38.6 billion to $39.8 billion.

The...


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