Pharma firm Merck & Co., Inc. (NYSE: MRK) on Thursday reported lower earnings for the first quarter of 2023, due to a sharp fall in revenues.
First-quarter sales decreased 9% year-over-year to $14.5 billion, hurt mainly by a double-digit fall in sales at the core pharmaceuticals division.
As a result, adjusted earnings dropped to $1.40 per share in the three-month period from $2.14 per share a year earlier. Unadjusted profit declined to $2.82 billion or $1.11 per share from $4.31 billion or $1.70 per share in the year-ago quarter.