Merck 2Q 17 earnings and AbbVie 2Q 17 earnings were released before opening bell this morning. Merck reported non-GAAP earnings of $1.01 per share, easily beating the consensus of 87 cents per share, on $9.9 billion in revenue, which also came out ahead of consensus at $9.75 billion. In last year’s second quarter, the drug maker reported $9.84 billion in revenue and 93 cents per share in adjusted earnings.
AbbVie reported adjusted earnings of $1.42 per share on $6.94 billion in revenue, compared to the analyst estimates of $$1.40 per share and $6.93 billion in revenue. In last year’s second quarter, the company posted $6.45 billion in revenue and adjusted earnings of $1.26 per share.
Merck 2Q 17 earnings
On a GAAP basis, Merck 2Q 17 earnings came in at 71 cents per share, up from 43 cents per share in the year-ago quarter. Keytruda sales surged 180% to $881 million from $314 million last year. Wall Street had been looking for $787.5 million in sales for the drug. Sales of Januvia and Janumet fell 8% to $1.5 billion from last year’s $1.6 billion, and they missed the consensus of $1.6 billion. Sales of Zepatier rose to $549 million.
Merck also boosted its full-year revenue outlook to a range of $39.4 billion to $40.4 billion from the previous outlook of $39.1 billion to $40.3 billion. The drug maker reaffirmed its adjusted earnings guidance of $3.76 to $3.88 per share for the full year, although it increased its full-year GAAP earnings outlook to $1.60 to $1.72 per share.
The drug maker also revealed that it experienced a cyber-attack on its network on June 27, which resulted in disruption of its global operations, which include sales, research and manufacturing. The company doesn’t yet know the full magnitude of the attack, and it is working on restoring its manufacturing operations. It has already restored most of its packaging operations and parts of its formulation operations. It also remains confident that it can continue to supply a steady flow of product for three of its key products: Keytruda, Januvia and Zepatier.
After the Merck 2Q 17 earnings were released, the drug maker’s stock jumped in premarket trades, climbing by as much as 1.27% to $64.50.
AbbVie 2Q 17 earnings
On a GAAP basis, AbbVie 2Q 17 earnings per share rose to $1.19 from 98 cents per share last year. Humira sales rose 13.7% to $4.7 billion, while Imbruvica sales rose 42.6% to $626 million. Viekira sales fell 41.4% to $488 million, while sales of Creon rose 15.6% to $381 million.
AbbVie confirmed its previously provided GAAP earnings outlook of $4.55 to $4.65 per share and adjusted earnings guidance of $5.44 to $5.54 per share.
After the AbbVie 2Q 17 earnings were released, the company’s stock was little changed in premarket trades as it hovered around $71.75 per share.