Merck & Co., Inc., AbbVie Inc Rise After Earnings

Merck & Co., Inc., AbbVie Inc Rise After Earnings

Merck and AbbVie released their latest earnings reports before opening bell this morning. Merck posted adjusted earnings of 93 cents per share on $9.84 billion in revenue. Analysts had been expecting the drug maker to report 91 cents per share in adjusted earnings and $9.78 billion in revenue. In last year’s second quarter, Merck reported $9.79 billion in revenue and 86 cents per share in non-GAAP earnings.

AbbVie reported adjusted earnings of $1.26 per share on $6.45 billion in revenue, compared to the consensus estimates of $1.20 per share and $6.2 billion. In last year’s second quarter, the drug maker reported revenue of $6.5 billion in revenue.

Merck rises after earnings

After A Tough Year, Odey Asset Management Finishes 2021 On A High

For much of the past decade, Crispin Odey has been waiting for inflation to rear its ugly head. The fund manager has been positioned to take advantage of rising prices in his flagship hedge fund, the Odey European Fund, and has been trying to warn his investors about the risks of inflation through his annual Read More

Merck’s GAAP earnings surged from 24 cents per share last year to 43 cents per share this year. Pharmaceutical sales climbed 2% to $8.7 billion on the back of strong sales in oncology, hospital acute care, the company’s cardiovascular franchise and vaccines. Keytruda drove the increase in oncology drug sales, surging from $110 million last year to $314 million this year. The drug maker said Januvia and Janumet revenue climbed 2% to $1.63 billion, beating the consensus of $1.61 billion. Sales of Zetia and Vytorin rose 4% to $994 million, while Cubicin sales surged 22% to $357 million.

Merck expects full-year adjusted earnings to be between $3.67 and $3.77 per share, compared to the consensus of $3.72 per share. This new range includes an increase in the bottom end. The drug maker expects full-year revenue to be between $39.1 billion and $40.1 billion, against the consensus of $39.5 billion. It cut its full-year GAAP outlook to between $1.98 and $2.08 per share as a result of higher restructuring costs and intangible impairment charges.

Shares of Merck rose by as much as 1.73% to $59.44 in premarket trading this morning.

AbbVie raises earnings guide

AbbVie’s GAAP earnings rose to 98 cents per share from last year’s 83 cents per share. Sales of Humira surged 17.4% year over year on a reported basis to $4.1 billion with strength in all three categories of rheumatology, dermatology and gastroenterology. Imbruvica sales grew more than 100% to $439 million, while Viekira sales increased 9.1% to $419 million.

AbbVie also increased its full-year guide for non-GAAP earnings to between $4.73 and $4.83 per share from the previous outlook of $4.62 to $4.82 per share. The consensus for the full-year adjusted earnings stands at $4.75 per share.

Shares of AbbVie rose by as much as 1.5% to $65.69 in premarket trading this morning.

Updated on

No posts to display