Merck Beats On Q4 earnings, Anticipates Almost 80% Decline In COVID-19 Treatment Sales In 2023

• Merck & Co Inc's (NYSE: MRK) Q4 sales reached $13.8 billion, +2% Y/Y, beating the consensus of $13.67 billion. Excluding the foreign exchange impact, revenues were up 8%.

• Pharmaceutical sales increased by 1% to $12.2 billion. Excluding the unfavorable impact of foreign exchange, pharmaceutical sales grew 9%, primarily driven by oncology and hospital acute care, partially offset by diabetes.

• Growth in oncology was primarily driven by higher sales of Keytruda, which rose 19% to $5.5 billion.

• Related: Merck, Pfizer Rebuts China's Request For Further Price Cuts For COVID-19 Drugs.

• Vaccines sales performance reflects lower combined sales of Gardasil/ Gardasil 9 vaccines to prevent certain cancers and other diseases caused by HPV, which declined 4% to $1.47 billion.

• Adjusted EPS of $1.62 also surpassed the analysts' estimate of $1.54 and declined 10% Y/Y.

• Sales from COVID-19 treatment reached $825 million, down 13% Y/Y.

• 2023 Guidance: Merck Anticipates FY23 sales of $57.2-$58.7 billion versus the consensus of $58.07 billion.

• The company expects a significant decline in sales of Lagevrio (COVID-19 treatment), which are expected to be approximately $1.0 billion, down from $5.7 billion in 2022.

• Merck expects adjusted EPS of $6.80-$6.95 versus the consensus of $7.36.

• Price Action: MRK shares are down 1.20% at $105.70 during the premarket session on the last check Thursday.

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This article Merck Beats On Q4 earnings, Anticipates Almost 80% Decline In COVID-19 Treatment Sales In 2023 originally appeared on Benzinga.com

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