Merck (MRK) earnings Q2 2024

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Merck (MRK) earnings Q2 2024

The exterior view of the entrance to Merck headquarters in Rahway, New Jersey, on Feb. 5, 2024.

Spencer Platt | Getty Images

Merck on Tuesday reported second-quarter revenue and adjusted earnings that topped Wall Street’s expectations as it saw strong sales from its blockbuster ******* ***** Keytruda as well as other treatments in its oncology and vaccines portfolios and a newly launched cardiovascular *****. 

The pharmaceutical giant also raised its full-year sales forecast to a range of $63.4 billion to $64.4 billion on increased demand for key products, particularly its oncology treatments. That’s only slightly higher than the $63.1 billion to $64.3 billion guidance the company provided in April. 

Merck lowered its adjusted profit guidance to a range of $7.94 and $8.04 per share, from a previous forecast of $8.53 to 8.65 per share. That updated

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reflects one-time charges of 26 cents and 51 cents per share for the company’s acquisitions of

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and

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, respectively, Merck said.

Here’s what Merck reported for the

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compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $2.28 adjusted vs. $2.15 expected
• Revenue: $16.11 billion vs. $15.84 billion expected

The drugmaker posted a net income of $5.46 billion, or $2.14 per share, for the second quarter. That compares with a net loss of $5.98 billion, or $2.35 per share, during the year-earlier *******, which included a charge related to its acquisition of Prometheus Biosciences.

Excluding acquisition and restructuring costs, Merck earned $2.28 per share for the three-month *******.

Merck reported $16.11 billion in revenue for the quarter, up 7% from the same ******* a year ago. 

The results come as Merck prepares to offset losses from Keytruda’s patent expiration in 2028 with a handful of new deals under its belt and key ***** launches. 

That includes Winrevair, a medication approved in the U.S. in March to treat a progressive and life-threatening lung condition. Some analysts expect that worldwide sales of Winrevair could reach $5 billion by 2030. 

It also includes

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, a vaccine designed to protect adults from

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as pneumococcus that can cause

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and lung infection. The shot was approved in the U.S. last month. 

Pharmaceutical unit sales top estimates

Merck’s pharmaceutical division booked $14.41 billion in revenue during the second quarter, up 7% from the same ******* a year ago. The unit develops a wide range of drugs for a range of ******** areas. 

The company’s immunotherapy Keytruda recorded $7.27 billion in revenue during the quarter, up 16% from the year-earlier *******. Analysts had been expecting $7.12 billion in Keytruda sales, according to estimates from StreetAccount. 

Sales of Gardasil, a vaccine that prevents ******* from HPV, the most common ********* transmitted infection in the U.S., were nearly flat. 

Gardasil brought in $2.48 billion in sales, up just 1% from the second quarter of 2023. Merck said that growth was driven by higher prices in the U.S. but hampered by lower sales in China due to shipment timing. 

The segment results were slightly below the $2.51 billion that analysts expected, according to StreetAccount. 

Winrevair posted $70 million in revenue for the second quarter following its approval in March. Analysts had expected the treatment to book $59.4 million in sales. 

Meanwhile, the company’s Type 2 diabetes treatment Januvia saw $629 million in sales, down 27% from the same ******* a year ago. Merck said the decline was primarily due to lower demand and prices of the *****, along with generic competition in several countries. 

Januvia is one of 10 drugs targeted in ongoing Medicare ***** price negotiations, a policy that aims to make costly medications more affordable for seniors. Those price talks, a key provision of President

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Sales of Merck’s Covid antiviral pill, Lagevrio, also fell, down 46% to $110 million during the quarter. Still, that topped analysts’ expectations of $81.5 million in sales, according to StreetAccount.  

Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted $1.48 billion in sales for the second quarter. That is up 2% from the year-earlier ******* and slightly below what analysts surveyed by StreetAccount were expecting.

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#Merck #MRK #earnings

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