: Merck posts narrower-than-expected loss and sales top estimates

Merck & Co. Inc. MRK posted a narrower-than-expected loss for the second quarter early Tuesday following its acquisition of Prometheus Bio and sales that topped estimates, despite a steep decline in sales of its COVID treatment Lagevrio. The company swung to a net loss of $4.975 billion, or 2.35 a share, for the quarter, after income of $3.944 billion, or $1.55 a share, in the year-earlier period. Its adjusted loss per share came to $2.06, narrower than the loss of $2.18 forecast by FactSet analysts. Sales rose 3% to $15.035 billion from $14.593 billion a year ago, also ahead of the $14.442 billion FactSet consensus. Sales of its Keytruda cancer treatment rose 19% to $6.3 billion, while sales of the HPV deterrent Gardasil rose 47% to $2.5 billion. Sales of Lagevrio fell 83% to $203 million. The company is now expecting full-year sales of $58.6 billion to $59.6 billion, while FactSet analysts expect $58.7 billion. Merck expects its full-year adjusted EPS to range from $2.95 to $3.05, compared with a FactSet consensus of $2.90. The stock rose 1.6% premarket but is down 3.9% in the year to date, while the S&P 500 SPX has gained 19.5%.

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