Merck & Co raises outlook as Keytruda offsets Lagevrio decline

A fall in sales of the COVID-19 treatment Lagevrio (molnupiravir) led revenue at Merck & Co (NYSE: MRK) to fall by 9% to $14.49 billion in the first quarter of 2023.

This figure was still better than Wall Street had anticipated. Analysts, on average, had expected sales of $13.8 billion, according to Refinitiv data. Excluding Lagevrio, growth was 11%, driven by a 20% rise in sales of the immuno-oncology blockbuster Keytruda (pembrolizumab), which brought in $5.8 billion in the quarter.

The US pharma giant said it earned $1.40 a share in the quarter, compared with $2.14 a share last year. Analysts, on average, had expected $1.32 a share.