Merck's Keytruda Sales Boost Revenue, Despite Quarterly Loss
Merck reported better-than-expected second-quarter revenue, driven by strong sales of its cancer drug Keytruda and HPV vaccine Gardasil. However, the pharmaceutical giant posted a quarterly loss due to charges related to its acquisition of Prometheus Biosciences. Merck's net loss was $5.98 billion, or $2.35 per share, compared to a net income of $3.94 billion, or $1.55 per share, in the same period last year. The loss reflects a $10.2 billion charge associated with the Prometheus deal. Despite the loss, Merck raised its 2023 sales forecast and reported growth in its pharmaceutical business, particularly with Keytruda and Gardasil. Sales of its Covid antiviral treatment molnupiravir declined as the world relies less on Covid treatments.