Merck misses revenue estimates, forecasts bigger hit to 2021 gross sales from pandemic By Reuters


© Reuters. FILE PHOTO: The Merck emblem is seen at a gate to the Merck & Co campus in Rahway, New Jersey

(Reuters) -Merck & Co Inc on Thursday missed estimates for first-quarter revenue and forecast a much bigger hit to 2021 gross sales than its earlier estimate because the pandemic harm demand for its medication that must be administered in a clinic.

Shares fell practically 3% to $74.95 earlier than the opening bell as the corporate additionally disclosed a roughly $600 million hit to first-quarter gross sales from the well being disaster.

Merck now expects the COVID-19 pandemic will harm its 2021 gross sales by 3%, up from 2% beforehand, as most of the firm’s medication must be administered on the physician’s workplace, which largely remained shut because of COVID-19 lockdowns.

A big blow was seen on gross sales of non-COVID-19 vaccines, together with Gardasil, a vaccine to stop cancers brought on by the human papillomavirus virus, in the US and Europe. Gardasil gross sales tumbled 16.4% to $917 million.

The corporate mentioned it anticipated the impression to vaccines gross sales would persist throughout the first half of 2021, and that it will allocate doses of Gardasil to markets outdoors the US to melt the blow.

Gross sales of blockbuster most cancers drug Keytruda rose 18.7% to $3.90 billion, however missed Wall Avenue estimates of $3.98 billion.

Internet earnings fell to $3.18 billion, or $1.25 per share, within the first-quarter ended March 31, from $3.22 billion, or $1.26 per share, a 12 months earlier.

Excluding gadgets, the corporate earned $1.40 per share, lacking the typical analyst estimate of $1.63, in accordance with IBES knowledge from Refinitiv.

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