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Merck Announces Strong Second-Quarter 2024 Financial Results
Merck & Co., Inc. has reported impressive financial results for the second quarter of 2024, highlighting significant growth and notable achievements. The company's total worldwide sales reached $16.1 billion, a 7% increase from the same period in 2023. Excluding the impact of foreign exchange, sales grew by 11%.
Key Highlights
Sales Growth and Key Product Performance
- KEYTRUDA Sales Surge: KEYTRUDA sales increased by 16% to $7.3 billion. When excluding the impact of foreign exchange, the growth was 21%. This surge was driven by increased global uptake in earlier-stage indications, including triple-negative breast cancer and renal cell carcinoma, as well as strong demand for metastatic indications.
- GARDASIL/GARDASIL 9: Sales of GARDASIL/GARDASIL 9 grew by 1%, primarily due to higher sales in the U.S. driven by increased pricing, demand, and public-sector buying patterns.
- JANUVIA/JANUMET: Sales declined by 27% due to lower pricing and demand in the U.S. and ongoing generic competition in international markets.
Financial Performance
- GAAP and Non-GAAP EPS: For the second quarter of 2024, GAAP EPS was $2.14, while Non-GAAP EPS was $2.28.
- Expense Management: Despite higher administrative and promotional costs, SG&A expenses saw only a 1% increase, reflecting effective cost management.
Strategic Milestones
- WINREVAIR Launch: Merck successfully launched WINREVAIR in the U.S. and received a positive EU CHMP opinion for adults with pulmonary arterial hypertension (PAH).
- Vaccine Advancements: The company received FDA approval for CAPVAXIVE, the first pneumococcal conjugate vaccine designed to address serotypes responsible for the majority of invasive pneumococcal disease cases in adults 65 and older. Additionally, CAPVAXIVE was unanimously recommended by the CDC’s Advisory Committee on Immunization Practices (ACIP) for specific adult populations.
- RSV Preventative Monoclonal Antibody: Merck announced positive results from the Phase 2b/3 trial of Clesrovimab (MK-1654), an investigational RSV preventative monoclonal antibody for infants, which met all primary safety and efficacy endpoints.
Acquisitions and Partnerships
- EyeBio and Elanco’s Aqua Business: Merck completed the acquisitions of EyeBio and Elanco’s Aqua Business in July 2024, strengthening its position in the healthcare and animal health sectors.
- Oncology Developments: Merck received FDA approval for KEYTRUDA in combination with chemotherapy for certain patients with endometrial carcinoma, marking the 40th indication for KEYTRUDA in the U.S.
Full-Year 2024 Financial Outlook
Merck has updated its full-year financial outlook, raising and narrowing its expected worldwide sales range to be between $63.4 billion and $64.4 billion. The company now expects its non-GAAP EPS to be between $7.94 and $8.04, reflecting a negative impact from a one-time charge for the acquisition of EyeBio.
Source: MRK
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