Merck's spins off operations with $6.5B in revenue

Merck is posting a 29% jump in fourth-quarter profit and it's spinning off its women's health division and other operations that churn out $6.5 billion in annual revenues.

The drugmaker on Wednesday reported net income of $2.36 billion, or 92 cents per share, up from $1.83 billion, or 69 cents per share, a year earlier.

Adjusted earnings came to $2.98 billion, or $1.16 per share, edging out by a penny the projections from Wall Street analysts, according to a survey by FactSet.

The maker of Januvia Type 2 diabetes pills reported revenue of $11.87 billion, up 8% from a year ago. Surging sales of its cancer blockbuster Keytruda drove a big jump in sales.

The company, based in Kenilworth, New Jersey, forecast annual net income of $5.62 to $5.77 per share, for all of 2020, and revenue ranging from $48.8 billion to $50.3 billion.