<p>Merck (NYSE: MRK) earnings for the first quarter of 2020 have MRK shares falling on Tuesday. This is despite the fact that it reported adjusted earnings per share (EPS) of $ 1.50 on revenue of $ 12.06 billion. These are both above Wall Street‘s estimates of $ 1.34 per share and revenue of $ 11.46 billion.
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Let’s take a closer look at the latest Merck earnings report.
Adjusted earnings per share increased by 23% from USD 1.22 during the same period last year. Revenue for the quarter is 11% higher than $ 10.82 billion in the first quarter of 2019. Mercken’s earnings report also yields a net profit of $ 3.22 billion. This is an increase of 12% compared to the company’s net income of $ 2.92 billion during the same period last year.
Kenneth Frazier, Chairman and CEO of Merck, said this in the earnings report:
“During this challenging and unsurpassed period, the quality of our performance during the first quarter reflects a strong demand for our portfolio of innovative products, continued commercial and clinical implementation, and the commitment and resilience of our employees around the world. The foundation for our business remains strong. ”
The Merck earnings report also includes a guidance update for 2020. The company now expects an adjusted profit of $ 5.17 to $ 5.37 on sales of $ 46.1 to $ 48.1 billion. By comparison, Wall Street estimates adjusted EPS of $ 5.56 on revenue of $ 48.72 billion for the year.
The MRK share fell 2.66% as of Tuesday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/merck-earnings-hit-mrk-stock-deswide-beat/.
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