Merck (MRK) raised its full-year guidance on Tuesday as the drugmaker posted better-than-expected results for its fiscal first quarter which were supported by rising sales of pharmaceuticals. The Kenilworth, N.J.-headquartered company reported revenue of $10.82 billion, up 8% from $10.04 billion in the corresponding quarter of last year. This was ahead of the consensus estimate of analysts polled by Capital IQ for $10.45 billion.
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The result was buoyed by an 8% increase in revenue from pharmaceutical to $9.66 billion. The increase was driven primarily by growth in oncology and vaccines, partially offset by the ongoing impacts of the loss of market exclusivity for several products.