Merck & Co on Thursday forecast 2023 earnings below Wall Street estimates along with an expected steep decline in sales of its COVID-19 antiviral treatment, and its shares fell around 2%. The U.S. drugmaker did report a higher-than-expected fourth-quarter profit on strong sales of the COVID pill molnupiravir in Asia and its blockbuster cancer drug Keytruda. Merck forecast 2023 adjusted earnings of $6.80 to $6.95 per share, lower than analysts' average estimate of $7.36.
RAHWAY, N.J., February 02, 2023--Merck Announces Fourth-Quarter and Full-Year 2022 Financial Results
Merck's (MRK) key products like cancer drug Keytruda and HPV vaccine Gardasil are expected to have driven sales in Q4.