Merck Cuts FY24 Earnings View, Narrows Sales Forecast After Weak Q3 Earnings - Update

(RTTNews) - Drug major Merck & Co., Inc. (MRK), while reporting weak third-quarter earnings, on Thursday trimmed its fiscal 2024 adjusted earnings view, and narrowed sales forecast.

In pre-market activity on the NYSE, Merck shares were down around 0.3 percent to trade at $104.50.

Looking ahead for fiscal 2024, the company now expects adjusted earnings per share to be between $7.72 and $7.77, lower than previous estimate of $7.94 and $8.04. The outlook reflects negative impact of $0.24 per share related to business development transactions with Curon Biopharmaceutical and Daiichi Sankyo.

Further, the company updated expected worldwide sales range to be between $63.60 billion and $64.10 billion, compared to previous estimate of $63.40 billion and $64.40 billion.

Analysts on average expect the company to report earnings of $7.74 per share on sales of $64.15 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its third quarter, Merck's earnings decreased from last year. The company's bottom line totaled $3.157 billion or $1.24 per share, down 33 percent from $4.745 billion or $1.86 per share last year.

Adjusted earnings were $3.985 billion or $1.57 per share for the period, compared to $5.427 billion or $2.13 per share a year ago.

The company's sales for the quarter rose 4.4 percent to $16.657 billion from $15.962 billion last year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.