Merck (NYSE:MRK) on Thursday reported fourth-quarter revenue and adjusted earnings that topped estimates as it saw strong demand for its blockbuster cancer drug Keytruda and HPV vaccine Gardasil.
The pharmaceutical giant posted a net quarterly loss, however, due to previously announced charges associated with a deal the company struck in October with the Japanese drugmaker Daiichi Sankyo to co-develop three highly sought-after cancer treatments.
Merck reported fourth-quarter earnings per share, or three cents adjusted vs. a loss of 11 cents per share expected, on revenue of $14.63 billion vs. $14.50 billion expected.
The company posted a net loss of $1.23 billion, or 48 cents per share, for the quarter. That compares to a net income of $3.02 billion, or $1.18 per share, during the year-earlier period.
Excluding acquisition and restructuring costs, Merck earned three cents per share for the fourth quarter. The company’s results include a charge of $1.69 per share related to the Daiichi Sankyo deal.
Merck’s revenue for the quarter was up 6% from the same period a year ago.
The company also issued its full-year 2024 guidance, which was generally in line with expectations. Merck expects revenue to come in between $62.7 billion and $64.2 billion and adjusted earnings to be $8.44 to $8.59 per share this year.
MRK shares jumped $2.81, or 2.3%, to $123.59 Thursday morning.
