Merck Shines in Q1 2024 Earnings Surge

Motley Fool04-26

Earnings and revenue surpassed analysts' expectations, indicating a solid quarter. Significant growth in flagship products Keytruda and Gardasil helped drive results. Merck raised its ...

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This impressive outcome, showcasing a 9% increase from the first quarter of 2023, highlights solid demand across key therapeutic areas, especially in oncology and vaccines.MetricQ1 2024Q1 2023Change (YOY)Analyst EstimatesTotal sales$15.8 billion$14.5 billion+9%$15.2 billionNon-GAAP EPS$2.07$1.40+48%$1.89Keytruda sales$6.9 billion$5.8 billion+20%N/AGardasil sales$2.2 billion$2.0 billion+14%N/AUnderstanding Merck's businessMerck is a global leader in pharmaceuticals and vaccines, with a particular emphasis on oncology, a domain where it has established market leadership through drugs like Keytruda. The company also boasts a strong vaccine portfolio, including HPV vaccine Gardasil.The company continued in the latest quarter to focus on expanding its already strong pipeline, with the acquisition of Harpoon Therapeutics and also made further progress in its clinical trials. And management remains optimistic about the year ahead, based on its improved financial outlook for 2024.Quarterly highlightsThis quarter, Merck's financial success was significantly driven by a 20% growth in Keytruda sales, which reached $6.9 billion, owing to expanded global usage. Meanwhile, Gardasil and Gardasil 9 together saw a 14% sales increase to $2.2 billion, buoyed by robust demand and favorable pricing.Merck continued to pursue acquisitions, including its purchase of Harpoon in January, helping to strengthen its cancer treatment portfolio. Meanwhile, Merck saw success on the clinical front as the Food and Drug Administration (FDA) approved Winrevair for pulmonary arterial hypertension.The company's investment in research and development continued at a strong pace although the amount fell slightly from a year ago.Looking forwardFor the remainder of 2024, Merck has raised its financial projections. It now anticipates worldwide sales of $63.1 billion and $64.3 billion, reflecting the positive momentum it saw in Q1. The company also adjusted its non-GAAP EPS range to $8.53-$8.65.Investors should monitor Merck's ongoing strategies for pipeline expansion and market penetration, especially in high-growth areas like oncology and vaccines.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430520242"}