Merck & Co., Schering-Plough Corp. and Wyeth all rode strong drug sales to quarterly profits that topped Wall Street expectations on Thursday, adding to the wave of good news for investors in major pharmaceutical companies.
All three also had promising announcements on drugs in development moving closer toward potential approvals.
The encouraging financial results followed earnings that topped analysts' expectations from Johnson & Johnson, Abbott Laboratories Inc. and Eli Lilly and Co. earlier this week.
"We thought the companies would beat expectations, but I didn't think they would beat by this degree," Deutsche Bank analyst Barbara Ryan said.
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