Earnings Results: Merck third-quarter results beat estimates, boosted by cancer drug and vaccine growth

by | Oct 26, 2023 | Stock Market

Merck & Co. on Thursday reported third-quarter results that topped analysts’ expectations, powered by growth in oncology and vaccines. The drugmaker reported net income of $4.745 billion, or $1.86 per share, up from $3.248 billion, or $1.28 per share, in the year-earlier period. Adjusted earnings per share came to $2.13, ahead of the FactSet consensus of $1.95.

Sales rose to $15.962 billion, up 7% from a year earlier and beating the FactSet consensus of $15.296 billion. Third-quarter pharmaceutical sales climbed 10% from a year earlier, to $14.263 billion, driven by growth in cancer drugs, vaccines and virology, Merck said. Sales of blockbuster cancer drug Keytruda climbed 17% from a year earlier, while sales of human papillomavirus vaccine Gardasil rose 13%. Revenues from the COVID antiviral Lagevrio rose 47%, largely due to higher demand in Japan, Merck said. Merck raised its full-year sales outlook to a range of $59.7 billion to $60.2 billion, up from prior guidance of $58.6 billion to $59.6 billion, but slashed its full-year adjusted earnings per share guidance. The company now expects adjusted earnings per share of $1.33 to $1.38, versus previous guidance of $2.95 to $3.05. The revi …

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