==Merck (MRK) reported earnings on Thur 26 Oct 23 (b/o)

 

 Merck beats by $0.18, beats on revs; lowers FY23 EPS guidance, raises revenue guidance

• Reports Q3 (Sep) earnings of $2.13 per share, $0.18 better than the FactSet Consensus of $1.95; revenues rose 7.0% year/year to $16 bln vs the $15.3 bln FactSet Consensus.
• KEYTRUDA Sales Grew 17% to $6.3 Billion; Excluding the Impact of Foreign Exchange, Sales Also Grew 17%.
• GARDASIL/GARDASIL 9 Sales Grew 13% to $2.6 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 16%.
• LAGEVRIO Sales Grew 47% to $640 Million; Excluding the Impact of Foreign Exchange, Sales Grew 51%.
• Non-GAAP gross margin was 77.0% for both the third quarters of 2023 and 2022, due to the unfavorable impact of foreign exchange, and higher LAGEVRIO sales, which have a low gross margin, offset by lower revenue from third-party manufacturing arrangements, lower manufacturing-related costs and the favorable impact of product mix.
• Co issues mixed guidance for FY23, sees EPS of $1.33-$1.38 vs. $3.03 FactSet Consensus, down from prior guidance of $2.95-$3.05; sees FY23 revs of $59.7-$60.2 bln vs. $59.32 bln FactSet Consensus, up from prior guidance of $58.6-$59.6 bln.