Why Merck Stock Is Trading Higher Today
Merck & Co Inc's (NYSE: MRK) Q1 sales reached $14.49 billion, down 9% Y/Y, beating the consensus of $13.79 billion.
Excluding Lagevrio (COVID-19 treatment), sales growth was 11%; excluding Lagevrio and the impact of foreign exchange, growth was 15%.
Pharmaceutical sales decreased by 10% to $12.72 billion, primarily due to lower sales in virology, mainly attributable to Lagevrio, and diabetes, partially offset by growth in oncology, vaccines, and hospital acute care.
Lagevrio Q1 sales declined 88% Y/Y to $392 million. Ketruda sales grew 20% to $5.8 billion. Gardasil/Gardasil 9 sales grew 35% to $2.0 billion.
Adjusted EPS of $1.40 also surpassed the analysts' estimate of $1.32 and declined 35% Y/Y.
Also Read: Merck Acquires Prometheus Biosciences For $10.8B, Strengthening Its Immunology Pipeline.
Moderna Inc (NASDAQ: MRNA) and Merck's cancer vaccine exhibited positive results against relapse for melanoma patients.
About 79% of high-risk melanoma patients who got the personalized vaccine and Merck's immunotherapy Keytruda were alive and cancer-free at 18 months, compared with about 62% of patients who received immunotherapy alone.
2023 Guidance: Merck has raised and narrowed FY23 adjusted EPS guidance to $6.88-$7.00 compared to prior guidance of $6.80-$6.95 and consensus of $6.91.
Merck anticipates FY23 sales Of $57.7-$58.9 billion compared to previously expected $57.2-$58.7 billion and the consensus of $58.28 billion.
Price Action: MRK shares are up 2.29% at $116.03 during the premarket session on the last check Thursday.
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