Merck Shares Climb 3% After Third-quarter Earnings Beat

Shares of Merck & Co. Inc. were up 3% in premarket trade Tuesday after the company beat third-quarter expectations. The company reported net income of $2.2 billion, or 78 cents per share, up from $1.8 billion, or 64 cents per share in the year-earlier period. It reported adjusted earnings per share of $1.07, above the FactSet consensus of 99 cents. It reported revenue of $10.54 billion, up from $10.07 billion in the year-earlier period and above the FactSet consensus of $10.16 billion. Merck said it expects 2016 adjusted earnings to be from $3.71 from $3.78, compared to the FactSet consensus of $3.75. Shares of Merck have gained 4% in the past three months, compared to the S&P 500's loss of 1%.