Merck's Q2 earnings exceeded estimates, driven by Keytruda sales, but stock fell 7.7% due to lower 2024 profit outlook.
Merck's Q2 earnings beat Wall Street estimates, driven by strong sales of its blockbuster cancer drug, Keytruda. Revenue increased 7% to $16.1bn, surpassing analysts' expectations of $15.8bn. However, Merck lowered its 2024 profit outlook on acquisition costs. The stock fell by as much as 7.7% in New York, its largest drop since November 2021, despite the company raising its full-year sales forecast to a range of $63.4bn to $64.4bn.
July 30, 2024
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