Merck & Co. Inc. (MRK) reported its second-quarter financial results Tuesday before the markets opened. The pharmaceutical giant had $0.86 in earnings per share (EPS) on $9.8 billion in revenue compared to Thomson Reuters consensus estimates of $0.81 in EPS on $9.80 billion in revenue. The same period from the previous year had $0.85 in EPS on $10.93 billion in revenue.

The company raised guidance for the 2015 full year; Merck expects EPS to be in the range of $3.45 to $3.55 and that revenues will be in the range of $38.6 billion to $39.8 billion. There are consensus estimates of $3.45 in EPS on $39.73 billion in revenue.

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In terms of the product sales the company reported (in comparison to the same period of the previous year):

• Januvia/Janumet had sales of $1.60 billion, up 1%.

• Zetia/Vytorin had sales of $955 million, down 16%.

• Remicade had sales of $455 million, down 25%.

• Gardasil/Gardasil 9 had sales of $427 million, up 4%.

• Isentress had sales of $375 million, down 17%.

• Proquad, M-M-R 2 and Varivax had sales of $358 million, down 10%.

• Cubicin had sales of $293.

Kenneth C. Frazier, Chairman and CEO of Merck, commented on the earnings:

We’re investing resources to grow our strongest brands and to support the most promising assets in our pipeline, while at the same time lowering our cost base and delivering operating leverage.

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We’ve made significant progress this quarter in two of our most important assets, the KEYTRUDA and hepatitis C programs, and will be fully prepared to take advantage of these potentially breakthrough opportunities.

We’re witnessing the introduction of breakthrough therapies for some of the most difficult-to-treat diseases. Merck’s late-stage pipeline and ongoing launches reflect scientific and therapeutic progress with the potential to provide significant value to patients and society.

Shares of Merck closed Monday down 0.7% at $56.99. Following the release of the earnings report, the initial response in the premarket was positive and shares were up 0.5% at $57.25. The stock has a consensus analyst price target of $65.47 and a 52-week trading range of $52.49 to $63.62.

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