Categories AlphaGraphs, Earnings, Health Care
Merck (MRK) sales decline 8% in Q2 2020; raises FY20 outlook
Merck (NYSE: MRK) reported an 8% drop in second quarter sales, reflecting the negative impact of COVID-19. However, sales of $10.9 billion and adjusted EPS of $1.37 topped Street’s views. The pharma giant lifted its outlook for fiscal 2020.
MRK stock rose about 3% in the pre-market trading session following its earnings announcement.
Merck narrowed and lifted FY20 revenue guidance to a range of $47.2 billion to $48.7 billion.
The Kenilworth, New Jersey-based firm also narrowed and raised its earnings outlook for FY20. GAAP EPS is now expected to be between $4.58 and $4.73 and non-GAAP EPS is now expected to be between $5.63 and $5.78.
Merck is accelerating two COVID-19 vaccine development efforts and a novel antiviral candidate. “We are conscious of our abiding responsibility to help advance vaccine and antiviral efforts as part of the global response to SARS-CoV-2 and to ensure broad, equitable and affordable global access to any medicines and vaccines we bring forward,” said CEO Kenneth Frazier.
Most Popular
What awaits Herman Miller (MLHR) beyond the home-office rush?
Herman Miller Inc. (NASDAQ: MLHR) is one of the few Wall Street firms that managed to take advantage of the opportunities created by the pandemic, after being hit by the
Cognizant’s (CTSH) buying spree in 2020
Cognizant Technology Solutions (NASDAQ: CTSH) has been on a buying spree in 2020. The portfolio of the acquisitions that Cognizant made this year is expected to help the company in
Major earnings conferences to watch for the week of Sept. 21
After registering a slow recovery in the first half of the week, the markets pared these gains on Thursday and Friday. The weakness witnessed in the latter half of the