Merck misses estimates as coronavirus cuts $400 million off quarterly sales
US pharma giant Merck & Co (NYSE: MRK) was trading nearly 2% down early on Thursday afternoon after presenting its financial results for the fourth quarter and 2020 as a whole.
For the quarter, sales grew 5% to $12.51 billion. But that missed analyst forecasts for $12.67 billion, according to FactSet. Adjusted earnings came in $0.06 short at $1.32 per share. This was a 14% increase on the same period of 2019.
"Pipeline developments provide us with increasing line-of-sight to significant potential growth drivers later this decade and into the next"For 2020 as a whole, revenue rose 2% to $47.99 billion and adjusted earnings jumped 14% to $5.94.
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