Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported net profit for the second quarter of 2024, on an adjusted basis, compared to a loss last year. Both sales and earnings exceeded the market’s expectations.
Second-quarter worldwide sales increased 7% year-over-year to $16.11 billion, mainly reflecting continued growth in the sales of vaccines and oncology/cardiovascular products. Wall Street was looking for slower growth.
The company reported a net profit of $5.46 billion or $2.14 per share for the June quarter, compared to a loss of $5.98 billion or $2.35 per share in the prior-year period. On an adjusted basis, net income was $2.28 per share, compared to a loss of $2.06 per share in the second quarter of 2023. The bottom line topped expectations.
“I am proud of our dedicated teams around the world that are working tirelessly to advance our deep pipeline as we continue delivering innovation that solves unmet medical needs,” said Merck’s CEO Robert Davis.