Merck (NYSE:MRK) earnings for first quarter of 2020 have MRK stock falling on Tuesday. That’s despite it reporting 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.
Let’s take a more in-depth look at the most recent Merck earnings report.
- Adjusted per-share earnings are up 23% from $1.22 during the same time last year.
- Revenue for the quarter is sitting 11% higher than the $10.82 billion in the first quarter of 2019.
- The Merck earnings report also has it bringing in a net income of $3.22 billion.
- That’s a 12% increase over the company’s net income of $2.92 billion in the same period of the previous year.
Kenneth Frazier, chairman and CEO of Merck, said this in the earnings report:
“In this challenging and unprecedented time, the quality of our first-quarter performance reflects strong demand for our portfolio of innovative products, continued commercial and clinical execution and the dedication and resilience of our employees around the world. The fundamentals of our business remain strong.”
The Merck earnings report also includes a guidance update for 2020. The company now expects adjusted EPS of $5.17 to $5.37 on revenue of $46.1 to $48.1 billion. For comparison, Wall Street is estimating adjusted EPS of $5.56 on revenue of $48.72 billion for the year.
MRK stock was down 2.66% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.