Widespread infections early in the year weigh on Merck Q1
COVID-19 infections weighed Merck with so many people avoiding visits to hospitals or even the doctor early in the first quarter
KENILWORTH, NJ — COVID-19 infections weighed Merck with so many people avoiding visits to hospitals or even the doctor early in the first quarter.
The pharmaceutical company said drug sales were strong, the effect of the pandemic pulled profits down by about 1%.
Merck & Co. on Thursday reported first-quarter earnings of $3.18 billion, or $1.25 per share. Excluding one-time gains and costs, per-share earnings were $1.40, falling far short of the $1.63 Wall Street was looking for, according to a survey by Zacks Investment Research.
Shares fell more than 3% before the opening bell.
Revenue was $12.08 billion.
Merck expects full-year earnings in the range of $6.48 to $6.68 per share, with revenue in the range of $51.8 billion to $53.8 billion.
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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK
