cloudy.png
Thursday October 21st, 2021 1:55PM

Widespread infections early in the year weigh on Merck Q1

By The Associated Press
Related Articles
  Contact Editor

KENILWORTH, NJ (AP) — Merck’s first-quarter profit dipped 1% as people continued to put off doctor and hospital visits early this year due to the COVID-19 pandemic, and it spent more on research and production.

While it fell short of Wall Street profit expectations, Merck maintained its profit forecast for the year.

The maker of cancer blockbuster Keytruda and Januvia diabetes pills said Thursday that net income was $3.18 billion, or $1.25 per share, down from $3.22 billion, or $1.26 per share, a year earlier.

Excluding one-time gains and costs, adjusted earnings came to $3.56 billion, or $1.40 per share. Wall Street was expecting $1.63 per share, according to a survey by Zacks Investment Research.

Revenue totaled $12.08 billion, up a tad from $12.06 billion in 2020’s first quarter. As per usual, sales were led by cancer immunotherapy Keytruda, which hauled in $3.9 billion in the quarter, nearly one quarter of total revenue.

“While our results this quarter were impacted by the pandemic, the underlying demand for our innovative products remains strong and we remain confident in our future growth prospects,” chief executive Ken Frazier, who is retiring on June 30, said in a statement.

Shares fell more than 3% before the opening bell.

Merck expects adjusted earnings per share for 2021 of $6.48 to $6.68, unchanged from forecasts in January. It expects revenue for the year to grow 8% to 10%, to a range of $51.8 billion and $53.8 billion, also the same as its last forecast.

However, if Merck completes the spinoff of its Organon women’s health business and other businesses in June as expected, those figures will be updated.

_____

A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Health Care
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Desperate Indians turn to unproven drugs as virus surges
As India faces a devastating surge of new coronavirus infections overwhelming its health care system, people are turning to desperate measures to try to keep loved ones alive
6:47AM ( 22 minutes ago )
The Latest: Africa CDC chief watches India surge with alarm
Africa’s top public health official says the continent is “watching with total disbelief” what is happening in India as it struggles with a devastating resurgence in COVID-19 cases
6:42AM ( 27 minutes ago )
UN runs aground in informal Cyprus talks, new round planned
U_N_ Secretary-General Antonio Guterres says that Turkish Cypriots and Greek Cypriots failed to make headway in informal talks on the future of their divided island nation, but talks will continue and “I do not give up.”
6:34AM ( 35 minutes ago )
Associated Press (AP)
Uber to recruit 20,000 UK drivers on post-lockdown demand
Uber plans to recruit 20,000 more drivers in the United Kingdom to help fill swelling demand for rides as the country’s coronavirus lockdown restrictions ease
6:00AM ( 1 hour ago )
Top court: Germany must set clear post-2030 climate goals
Germany’s top court has ruled that the government has to set clear goals for reducing greenhouse gas emissions after 2030, arguing that current legislation doesn’t go far enough in curbing climate change
5:54AM ( 1 hour ago )
India cases set new global record; millions vote in 1 state
India has set another global record in new virus cases, as millions of people in one state cast votes despite rising infections
5:30AM ( 1 hour ago )
AP Business
Asian shares, US futures advance after Biden speech
Asian shares and U.S. futures have risen after President Joe Biden delivered a speech to Congress that outlined ambitious plans for jobs-creating spending on early education, child care and other public services
2:58AM ( 4 hours ago )
Gone Fission: Controversial nuke plant near NYC shuts down
Indian Point north of New York City will permanently stop producing nuclear power Friday
1:07AM ( 6 hours ago )
Samsung reports profit jump on smartphone, TV sales
Samsung Electronics says its operating profit for the last quarter jumped 46% from a year earlier driven by increased sales of smartphones and televisions as its business continues to flourish amid the pandemic
10:19PM ( 8 hours ago )
AP Business - Corporate News
The Latest: Nepal starts 15-day lockdown as COVID-19 spikes
Offices were closed, markets were shuttered and vehicles were forced off the streets in Nepal’s capital as authorities imposed a 15-day lockdown because of spiking COVID-19 cases
3:19AM ( 3 hours ago )
Police: Suspect in hospital killings is clinic employee
German police say a 51-year-old woman detained on suspicion of killing four people at a hospital in the eastern city of Potsdam is an employee at the clinic
3:00AM ( 4 hours ago )
The Latest: Moderna beefs up manufacturing for 2021-22 doses
Moderna says it is beefing up global manufacturing of its COVID-19 vaccine in an effort to produce up to 3 billion doses in 2022
1:26AM ( 5 hours ago )
AP Business - Industries
The Latest: Security tight, crowd thin for Biden's address
Security is tight and the crowd is thin at the Capitol under strict coronavirus restrictions for President Joe Biden’s address to Congress
8:53PM ( 10 hours ago )
Police: 4 people killed in German hospital, woman detained
German police say a woman has been detained after four people were found dead at a hospital in the eastern city of Potsdam
7:45PM ( 11 hours ago )
The Latest: Biden to call for Medicare drug cost negotiating
The White House says President Joe Biden’s speech to Congress will call on lawmakers to lower prescription drug costs by acting this year to empower Medicare to negotiate prices
5:36PM ( 13 hours ago )
AP Business - Health Care
Desperate Indians turn to unproven drugs as virus surges
As India faces a devastating surge of new coronavirus infections overwhelming its health care system, people are turning to desperate measures to try to keep loved ones alive
6:47AM ( 22 minutes ago )
The Latest: Africa CDC chief watches India surge with alarm
Africa’s top public health official says the continent is “watching with total disbelief” what is happening in India as it struggles with a devastating resurgence in COVID-19 cases
6:42AM ( 27 minutes ago )
UN runs aground in informal Cyprus talks, new round planned
U_N_ Secretary-General Antonio Guterres says that Turkish Cypriots and Greek Cypriots failed to make headway in informal talks on the future of their divided island nation, but talks will continue and “I do not give up.”
6:34AM ( 35 minutes ago )
Meet 'SGOTUS': Emhoff settles in as second gentleman of US
The husband of Vice President Kamala Harris, Doug Emhoff, is settling in and defining his groundbreaking new role as second gentleman of the United States
6:18AM ( 51 minutes ago )
China says US increasing military activity directed at it
China says activity by U.S. military ships and surveillance planes directed toward it has increased significantly under the Biden administration
6:14AM ( 55 minutes ago )