Pfizer and Merck released their latest earnings reports before opening bell this morning. Merck posted adjusted earnings of 88 cents per share on $9.4 billion in revenue, compared to the Wall Street consensus estimates of 83 cents per share and $9.25 billion. In last year’s first quarter, the drug maker posted $9.3 billion in revenue and 89 cents per share.
Pfizer reported adjusted earnings of 69 cents per share on $12.8 billion in revenue, compared to the analyst estimates of 67 cents per share and $13.1 billion. In last year’s first quarter, the drug company posted $13 billion in revenue.
Merck boosts outlook
Merck’s GAAP earnings per share rose to 56 cents from 40 cents per share in last year’s first quarter. Pharmaceutical revenue rose 1% to $8.2 billion, which includes a negative impact of 1% from currency headwinds. The company said growth in oncology, hepatitis C and vaccines drove that revenue growth, although loss of market exclusivity on some products and lower sales in its diabetes franchise mostly offset those gains.
Merck also increased its full-year adjusted earnings guidance to a range of $3.76 to $3.88 per share, up from $3.72 to $3.87 per share. The drug maker also boosted its revenue guide for the full year to between $39.1 billion and $40.3 billion from the previous outlook of $38.6 billion to $40.1 billion. The company expects a negative impact of about 1.5% from currency headwinds on both earnings and revenue.
Shares of Merck rose by as much as 1.62% to $63.39 in premarket trades this morning.
Pfizer reaffirms outlookPfizer’s GAAP earnings amounted to 69 cents per share, compared to 67 cents per share last year. Innovative Health sales rose 5% year over year to $7.4 billion, while Essential Health sales fell 10% to $5.4 billion. Prevnar 13 sales fell 9% in the U.S. and 4% in international markets, while Enbrel sales declined in Europe and Viagra sales fell in the U.S. due to lower demand. Key brands such as Ibrance and Eliquis continued to drive growth in Innovative Health, while falling sales of Peri-LOE products drove the decline in Essential Health.
The company reaffirmed its 2017 guidance for $52 billion to $54 billion in revenue and adjusted earnings of $2.50 to $2.60 per share.
Shares of Pfizer fell by as much as 1.12% to $33.40 in premarket trading this morning.