Merck reported third-quarter earnings growth above expectations, helped by lower spending and a positive performance in life-sciences, but cautioned that full-year sales would come in at the bottom end of the forecast range.

Merck KGaA on Thursday reported a gain of 11.9% in adjusted quarterly earnings, helped by temporarily lower spending on drug development and a rebound in demand for its specialty materials.

Driven by growth across the board, including in its semiconductor business, German science and technology company Merck reported profit after tax of €812 million ($857 million) or €1.86 per share for the third quarter.