Merck results beat expectations despite a big drop in sales of Covid antiviral treatment
Publishing timestamp: 2023-04-27 16:21:06
Summary
Merck reported first-quarter results that beat Wall Street's expectations, despite a steep drop in sales of its Covid antiviral treatment molnupiravir. The company's revenue fell 9% year over year, primarily due to the decrease in sales of molnupiravir. However, excluding the Covid drug, Merck's revenue grew 11%. The company also raised its 2023 sales forecast and full-year adjusted earnings outlook. Merck highlighted its efforts to broaden its drug pipeline, including the proposed acquisition of biotech company Prometheus Biosciences.
Sentiment: NEUTRAL
Tickers: PFE, MRNA, MRK, JNJ, RXDX,
Keywords: pharmaceuticals, breaking news: earnings, biotech and pharmaceuticals, breaking news, health care industry, breaking news: business, united states, johnson & johnson, prometheus biosciences inc, business, merck & co inc, biotechnology, pfizer inc, moderna inc, earnings, business news,
Source: https://www.cnbc.com/2023/04/27/merck-mrk-q1-earnings-report-2023.html