Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp fall in adjusted earnings for the fourth quarter of 2023, despite a modest increase in revenues.
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Fourth-quarter worldwide sales increased 6% year-over-year to $14.6 billion, mainly reflecting the sustained growth across oncology and vaccines.
The company reported a net loss of $1.23 billion or $0.48 per share for the December quarter, compared to a profit of $3.02 billion or $1.18 per share in the prior-year period. On an adjusted basis, it was earnings of $0.03 per share in Q4, down 98% from the fourth quarter of 2022.
“As we move forward, I’m confident that our strong momentum will continue, underpinned by the unwavering dedication of our talented global team,” said Merck’s CEO Robert Davis.
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