Q2 2024 Merck & Co Inc Earnings Call Transcript
Key Points
- Merck & Co Inc (MRK) achieved strong revenue growth of 7% in Q2 2024, driven by robust global demand across its innovative portfolio.
- The company successfully launched WINREVAIR for pulmonary arterial hypertension and received positive feedback from patients and physicians.
- FDA approval and ACIP recommendation for CAPVAXIVE, a pneumococcal conjugate vaccine for adults, highlight Merck's commitment to vaccine innovation.
- Merck's oncology portfolio, particularly KEYTRUDA, continues to show strong performance with a 21% sales increase, driven by uptake in earlier-stage cancers.
- The acquisition of EyeBio and Elanco's aqua business expands Merck's pipeline and strengthens its position in ophthalmology and animal health.
- Merck & Co Inc (MRK) faced a significant step down in GARDASIL shipments in China, attributed to the country's anti-bribery and anti-corruption drive.
- The company anticipates potential challenges in meeting the full-year 2024 contracted doses for GARDASIL in China, which could impact revenue.
- Operating expenses increased by 8%, reflecting strategic investments and ongoing expenses related to recent acquisitions.
- The tax rate for the full year is expected to be between 15.5% and 16.5%, including an unfavorable impact from the EyeBio acquisition.
- Merck's guidance for 2024 EPS was adjusted downward due to the one-time charge related to the EyeBio acquisition and increased investments.
Thank you for standing by. Welcome to the Merck & Company Q2 sales and earnings conference call. (Operator Instructions)
I would now like to turn the call over to Mr. Peter Dannenbaum, Senior Vice President, Investor Relations. Sir, you may begin.
Thank you, Brad, and good morning, everyone. Welcome to Merck's second-quarter 2024 conference call. Speaking on today's call will be Rob Davis, Chairman and Chief Executive Officer; Caroline Litchfield, Chief Financial Officer; and Dr. Dean Li, President of Merck Research Labs.
Before we get started, I'd like to point out that we have items in our GAAP results, such as acquisition-related charges, restructuring costs, and certain other items, and that we have excluded these from our non-GAAP results. There is a reconciliation in our press release.
I will also remind you that some of the statements that we make today may be considered forward-looking statements within the meaning of the Safe Harbor provision of the US Private Securities
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