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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Merck Second Quarter Tops Street View on Strong Keytruda Sales

 

Merck & Co reported better-than-expected second-quarter results, driven by strong growth in Keytruda, its blockbuster cancer immunotherapy and the world's best-selling prescription medicine.

Merck posted a profit of $5.5 billion ($2.14 per share) for the quarter, compared to a loss of $6 billion ($2.35 per share) a year earlier due to a large acquisition-related charge. Excluding one-time items, Merck earned $2.28 per share, surpassing analysts' expectations of $2.15.

Sales for the quarter rose 7% to $16.1 billion, exceeding analysts' expectations of $15.8 billion. Keytruda sales hit $7.3 billion, up 16% from a year ago, beating the $7.1 billion expected by analysts.

Merck also recently launched Winrevair, a drug for pulmonary arterial hypertension (PAH), which recorded $70 million in sales during the quarter, surpassing expectations.

The company raised its full-year sales forecast to $63.4 billion to $64.4 billion, up from $63.1 billion to $64.3 billion. However, it lowered its full-year earnings forecast to $7.94 to $8.04 per share, down from $8.53 to $8.65, due to a $1.3 billion charge related to its acquisition of EyeBio.

Merck's shares were down 2% in premarket trading.

Key Takeaways:

  • Merck’s Q2 profit was $5.5 billion ($2.14 per share), compared to a loss of $6 billion ($2.35 per share) a year earlier.
  • Excluding one-time items, Merck earned $2.28 per share, beating the $2.15 expected by analysts.
  • Quarterly sales rose 7% to $16.1 billion, exceeding expectations.
  • Keytruda sales were $7.3 billion, up 16%, beating analyst expectations.
  • Winrevair, a new drug for PAH, recorded $70 million in sales.
  • Merck raised its full-year sales forecast but lowered its earnings forecast due to acquisition-related charges.
  • Merck's shares fell 2% in premarket trading.
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