Pfizer, Merck Said to Be Behind Cuts to Q4 Earnings Views

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Pfizer, Merck Said to Be Behind Cuts to Q4 Earnings Views

Seekingalpha2023-11-16

Analysts have lowered their projections for Q4 earnings at an above-average rate in October mainly due to recent guidance cuts from COVID-era favorites Pfizer (NYSE: PFE) and Merck (NYSE: MRK), The ...

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It also indicated the sharpest reduction in earnings projections in the first month of a quarter in over three years.According to BofA Global Research, Pfizer (PFE) and Merck (MRK), makers of COVID-19 products, were to blame for half of the reduction between October 1 and early November.“Excluding those two, the cut to fourth quarter [earnings per share] was basically in line with the historical average,” BofA equity and quant strategist Ohsung Kwon remarked.Ahead of its Q3 2023 earnings, Pfizer (PFE) cut its adjusted earnings guidance to $1.45–$1.65 from $3.25–$3.45 per share, citing lower-than-expected vaccination rates and uptake for its Paxlovid COVID pill.With its Q3 results in October, Merck (MRK) lowered its earnings outlook to a below-consensus level of $1.33–$1.38 from $2.95–$3.05.The pharma giant attributed its guidance cut to adverse forex changes and a $1.70 per share charge related to a multi-billion-dollar cancer drug deal its Japanese pharma rival Daiichi Sankyo (OTCPK: DSKYF) (OTCPK: DSNKY) signed with the company.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}