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Merck Updates FY20 Guidance; Q3 Profit Tops Estimates - Quick Facts

(RTTNews) - Merck (MRK) narrowed and raised its full-year 2020 non-GAAP earnings per share guidance range to be between $5.91 and $6.01, including a negative impact from foreign exchange of approximately 2.5% at mid-October exchange rates. The company narrowed and raised its full-year 2020 revenue outlook range to be between $47.6 billion and $48.6 billion, including a negative impact from foreign exchange of approximately 1.5% at mid-October exchange rates. Analysts polled by Thomson Reuters expect the company to report profit per share of $5.71 on revenue of $48 billion. Analysts' estimates typically exclude special items.

For the full-year 2020, Merck now expects an unfavorable impact to revenue of approximately $2.35 billion (excluding the impact of foreign exchange) due to the COVID-19 pandemic. For 2020, the company now expects a net favorable impact to operating expenses of approximately $625 million, reflecting continued lower spending due to the COVID-19 pandemic.

Third quarter non-GAAP earnings per share was $1.74 compared to $1.51, last year. On average, 14 analysts expected the company to report profit per share of $1.43 for the quarter.

Third-quarter worldwide sales were $12.6 billion, up 1% from last year. Excluding the impact from Foreign Exchange, sales grew 2%. KEYTRUDA sales were up 21% to $3.7 billion. Analysts expected revenue of $12.17 billion for the quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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