Merck's third-quarter sales rose 5% to about $18.1 billion, but about $550 million of the gain came from the timing of customer purchases, and the article says sales barely grew without it. Keytruda Qlex sales reached $830 million, up from $463 million last quarter, and Winrevair sales rose 93% to $694 million, partly offsetting generic erosion of older drugs such as Januvia and Bridion, where Bridion sales fell 67%. GAAP EPS fell 12% to $2.04 and adjusted EPS fell 3% to $2.49, as spending on launches and research and higher interest expense outpaced sales, though a lower tax rate softened the hit. Merck lowered its non-GAAP tax-rate outlook to 32% to 33% from 35% to 36%, which the article says does much of the lifting in the raised full-year earnings outlook. Shares rose about 5% in Thursday morning trading, and the article flags fourth-quarter sales and Qlex's share of Keytruda sales, now nearly 10%, as items to watch.
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