On Thursday, U.S. drug maker Merck & Co Inc reported first-quarter sales of $15.8 billion, up 9% year-over-year, beating the consensus estimate of $15.2 billion.

Excluding the impact of foreign exchange, sales increased 24%.

Merck ( MRK ) reported adjusted EPS of $2.07, up 48%Y/Y, beating the consensus of $1.88.

Merck’s pharmaceutical unit booked $14.01 billion in revenue during the first quarter, up 10% Y/Y.

Related: Merck’s $11B Bet Pays As FDA Approves Sotatercept For Rare Lung Disease.

Merck’s blockbuster cancer immunotherapy Keytruda largely drove the growth. Keytruda generated $6.95 billion in revenue during the quarter, up 20% from the year-earlier period. 

Merck ( MRK ) has become dependent on Keytruda for more than 40% of company sales and faces a revenue hit when Keytruda’s main U.S. patent expires in 2028.

Merck ( MRK ) also reported a 14% jump in sales of Gardasil to $2.25 billion, a vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S.

Merck’s Januvia drew $670 million in sales, down 24%, primarily due to lower drug pricing, falling demand in the U.S., and generic competition in several international markets.

Januvia is one of 10 drugs targeted in ongoing Medicare drug price negotiations.

Guidance: Merck ( MRK ) raised and narrowed its full-year 2024 revenue and adjusted earnings forecasts. 

The company now expects 2024 sales of $63.1 billion-$64.3 billion, up from previous guidance of $62.7 to $64.2 billion compared to the consensus of $63.82 billion.

The company expects 2024 adjusted EPS of $8.53-$8.65, compared to prior guidance of $8.44-$8.59 and the consensus of $8.56.

That outlook includes a one-time charge of roughly 26 cents per share related to Merck’s acquisition of Harpoon Therapeutics in January. The guidance also includes a negative impact of 30 cents per share from foreign exchange changes. 

Read Next: The Most Important Catalyst For Merck’s Stock In 2024 Could Be Sotatercept Launch, Analyst Says.

Price Action: MRK shares are up 2.26% at $129.88 at the last check Thursday.