MRK - Merck to double down on COVID-19 pill in 2022; raised guidance lags expectations
Merck (NYSE:MRK) is trading ~1.2% higher in the pre-market after the company reported better-than-expected financials for Q3 2021. The pharma giant raised and narrowed its 2021 revenue and non-GAAP EPS projection to $47.4B – $47.9B and $5.65 – $5.70, falling short of the consensus estimates at $48.3B and $5.78, respectively. Quarterly revenue jumped ~20% YoY to $13.2B, backed by ~16% and ~22% YoY rise in Animal Health and Keytruda sales that reached $1.4B and $4.5B, respectively. GARDASIL/GARDASIL 9 and Januvia/Janumet sales recorded ~68% and ~1% YoY growth to $2.0B and $1.3B as ISENTRESS / ISENTRESS HD sales contracted ~8% YoY to $0.2B compared to ~2% YoY decline in the previous quarter. Proquad/MMR-II/Varivax sales added ~15% YoY to reach $0.7B. Adjusted EPS for the quarter reached $1.75 while GAAP EPS rose ~96% YoY to $1.80. The company said it expects to produce 10M courses of experimental COVID-19 pill molnupiravir by the end of the year
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Merck to double down on COVID-19 pill in 2022; raised guidance lags expectations