Merck & Co. posts stronger-than-expected Q4 numbers, guidance falls short
Merck & Co. posted better-than-expected quarterly results despite stiff foreign exchange headwinds, but its guidance for profits fell short of Wall Street estimates.
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Merck & Co. Inc.
Commenting on the drug giant's latest results, chief executive officer Robert Davis described 2022 as an "exceptional" year, adding that Merck's science-led strategy was driving the innovation needed to generate long-term value for patients and shareholders.
For the quarter ended on 31 December, the drug giant reported $13.8bn in sales for a 2% rise on the year earlier quarter.
However, excluding the drag from exchange rates then sales were up by 8%.
Excluding certain items, fourth quarter net income was down by 10% to $4.13bn.
That equated to adjusted earnings per share of $1.62.
Analysts had estimated that the company would report $13.7bn in sales and adjusted EPS of $1.53.
Full-year sales surged by 26% to $59.28bn and proforma net income by 43% to $19.0bn or $7.48 per share.
Looking ahead, management pegged full-year 2023 sales to come in at between $57.2-58.7bn and adjusted EPS was seen at $6.80-6.95 (consensus: $7.33).
As of 1304 GMT, shares of Merck&Co. were off by 1.85% to $105.0.