Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Merck & Co's cancer immunotherapy drug Keytruda reported sales that topped $2 billion in a quarter for the first time, exceeding Wall Street's lofty estimates and sending shares up more that 3 percent on Friday.
Keytruda has been Merck's most important growth driver with its domination of the lucrative lung cancer space, and shows no sign of slowing as it produces positive clinical data and adds approvals for different types of cancer.
"The key to the Merck story remains continued strong commercial uptake of Keytruda and the release of additional positive clinical data," Credit Suisse analyst Vamil Divan said.
The company also reported slightly higher-than-expected fourth-quarter profit as Keytruda sales jumped 66 percent to $2.15 billion, compared with analysts' estimate of $2.12 billion, according to IBES data from Refinitiv.
Keytruda has become the drug of choice as an initial, or first-line, treatment of advanced lung cancer, helping it to widen the gap with Bristol-Myers Squibb rival drug Opdivo, which had been the early leader among treatments that help the immune system attack tumors. Opdivo had fourth-quarter sales of $1.8 billion.
Merck's Gardasil vaccine to prevent certain types of cancer also had a good quarter with sales up 32 percent to $835 million.
The company issued a 2019 earnings forecast with a midpoint a bit below Wall Street estimates, following a trend seen this month among other large drugmakers, including Johnson & Johnson , Pfizer, Bristol-Myers and Amgen. But with a focus squarely on Keytruda sales, that did little to dampen investor enthusiasm.
Merck shares were up 3.5 percent at $77.05.
The New Jersey-based drugmaker forecast 2019 adjusted earnings of $4.57 to $4.72 per share versus analysts' estimate of $4.68. It forecast full-year revenue of $43.2 billion to $44.7 billion, compared with analysts' estimate of $44.53 billion.
Merck's Zostavax vaccine to prevent shingles continued to lose significant ground to GSK's rival Shingrix, with sales falling by more than half to $54 million.
Sales of the related diabetes treatments Januvia and Janumet dipped 4 percent amid increasing competition to $1.47 billion.
Excluding items, Merck earned $1.04 per share, beating analysts' average expectations by a penny.
Merck said it was not in the market for "mega-mergers" such as Bristol's planned $74 billion purchase of Celgene.
"We want to focus on the kind of deals that we can add with a minimum of disruption to our ongoing scientific efforts," Chief Executive Kenneth Frazier said.