Merck Beats Q2 Revenue, Raises Outlook on Strong Keytruda Sales
MRK sits 64% above its 52-week low of $77.53.
Summary
Merck reported better-than-expected second-quarter results, with revenue of $16.61 billion surpassing estimates and an adjusted loss of 13 cents per share beating expectations. Sales of its top-selling cancer drug Keytruda rose 5% to $8.37 billion, also exceeding analyst forecasts, driven by strong uptake of its subcutaneous formulation. The company raised its full-year revenue forecast to $66.3-$67.3 billion. This strong operational performance, particularly from Keytruda, provides a positive counterpoint to the acquisition-related losses seen in both Q1 and Q2. Merck also cut its full-year profit forecast as acquisition costs weigh on the bottom line.
Updates
· SEC 8-K — Merck's Q2 GAAP loss per share was $0.54 and non-GAAP loss per share was $0.13, including a $2.31 per share charge for the Terns acquisition. Full-year non-GAAP EPS outlook is now $2.66 to $2.76.
At the time of this announcement, MRK was trading at $126.81 on NYSE in the Life Sciences sector, with a market capitalization of approximately $315.6B. The 52-week trading range was $77.53 to $135.05. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.