Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp increase in adjusted earnings for the first quarter of 2024, aided by an increase in revenues.
First-quarter worldwide sales increased 9% year-over-year to $15.8 billion, mainly reflecting sustained growth across the oncology and vaccine portfolios.
The company reported a net profit of $4.76 billion or $1.87 per share for the March quarter, compared to $2.82 billion or $1.11 per share in the prior-year period. On an adjusted basis, earnings climbed to $2.07 per share in Q1 from $1.40 per share in the first quarter of 2023.
“Merck has begun 2024 with continuing momentum in our business. We are harnessing the power of innovation to advance our deep pipeline and are maximizing the impact of our broad commercial portfolio for the benefit of patients,” said Merck’s CEO Robert Davis.