Merck Lifts FY24 Outlook After Higher Q1 Earnings, Above Market; Stock Up In Pre-market

(RTTNews) - Drug major Merck & Co., Inc. (MRK), while reporting higher first-quarter earnings, above market estimates, on Thursday raised its fiscal 2024 adjusted earnings and sales view.

In pre-market activity on the NYSE, Merck shares were gaining around 2.4 percent to trade at $130.

Merck now expects its full-year adjusted earnings per share to be between $8.53 and $8.65, compared to previously expected $8.44 to $8.59.

Merck now expects annual sales to be between $63.1 billion and $64.3 billion, while previous estimate was $62.7 billion to $64.2 billion.

Analysts on average expect the company to report earnings of $8.56 per share on sales of $63.83 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its first quarter, net income climbed 69 percent to $4.76 billion from last year's $2.82 billion. Earnings per share were $1.87, up 68 percent from last year's $1.11.

Adjusted net income was $5.28 billion, compared to prior year's $3.56 billion. Adjusted earnings per share were $2.07, compared to $1.40 a year ago.

Total sales grew 9 percent to $15.78 billion from last year's $14.49 billion.

The Street estimated earnings of $1.87 per share on sales of $14.87 billion for the quarter.

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