Q3 2024 Merck & Co Inc Earnings Call Transcript
Key Points
- Merck & Co Inc (MRK) reported a 4% increase in revenues for the quarter, or 7% on a constant currency basis, driven by strong performance in key areas like Oncology and Animal Health.
- KEYTRUDA sales grew 21% to $7.4 billion, with increased uptake in earlier-stage cancers and continued robust demand in metastatic indications.
- The company launched new products like WINREVAIR and CAPVAXIVE, which are performing well and have significant commercial potential.
- Merck & Co Inc (MRK) has a diversified pipeline with more than 20 unique assets in Phase 3, indicating a strong potential for future growth.
- The company achieved important clinical and business development milestones, including positive Phase 2b/3 results for clesrovimab and expanded vaccination recommendations for CAPVAXIVE.
- GARDASIL sales declined by 10%, primarily due to reduced shipments to China, although there was strong growth in other regions.
- The company faces headwinds from the expiration of its agreement with J&J for immunology products REMICADE and SIMPONI.
- Merck & Co Inc (MRK) anticipates continued decline in GARDASIL shipments to China into 2025, impacting overall sales.
- Operating expenses increased to $8.5 billion, including significant charges related to acquisitions, reflecting higher costs.
- The company is dealing with elevated inventory levels of GARDASIL in China, which may take time to work down and could affect future sales dynamics.
Thank you for standing by. Welcome to the Merck & Co. Q3 sales and earnings conference call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the call over to Mr. Peter Dannenbaum, Senior Vice President, Investor Relations. Sir, you may begin.
Thank you, Shirley, and good morning, everyone. Welcome to Merck's third-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
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