KEYTRUDA helps Merck to report Q1 earnings beat, raises 2019 outlook
April 30, 2019
Shares of the pharma giant Merck (MRK) rose 2% before the market hours after the company surpassed estimates on the headline numbers. The company’s strong results were powered by its blockbuster drug KEYTRUDA which continued its momentum from the last quarter. Based on the strong Q1 results, Merck has raised its 2019 outlook for revenue and earnings.
Merck’s first-quarter sales grew 8% to $10.8 billion aided by solid sales growth of 55% from KEYTRUDA. The pharma giant also saw double-digit growth from GARDASIL, VARIVAX, and BRIDION. The top line numbers came in better than $10.48 billion expected by the analysts. Adjusted earnings came in at $1.22 per share, compared to $1.05 per share expected by the street.
The pharma giant has raised its outlook for 2019 as it expects to continue the strong momentum from the first quarter. Merck now expects revenue to come in the range of $43.9 billion to $45.1 billion compared to earlier guidance of $43.2 billion to $44.7 billion. Adjusted earnings is projected to grow 8%-10% in the range of $4.67 to $4.79 per share.
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