Merck (NYSE:MRK) earnings for the pharmaceutical company’s second quarter of 2020 have MRK stock up on Friday. That’s thanks to its adjusted earnings per share of $1.37 on revenue of $10.87 billion. These both beat out Wall Street’s estimates of $1.04 per share and revenue of $10.39 billion.
Here are some additional highlights from the most recent Merck earnings report.
- Adjusted per-share earnings are up 6% from the $1.30 reported in the same period of the year prior.
- Revenue for the quarter comes in 8% lower than the $11.76 billion reported in the second quarter of 2019.
- The Merck earnings report also has it bringing in a net income of $3 billion.
- That’s a 12% jump from the company’s net income of $2.67 billion reported during the same time last year.
Kenneth Frazier, chairman and CEO of Merck, said the following in the earnings report.
“Despite the impact COVID-19 had on patient access to health care providers, Merck continued to execute well with business momentum improving through the quarter. We remain confident that Merck will drive strong long-term growth based on underlying demand for our unique portfolio of innovative medicines, vaccines and animal health products. Our financial strength underpins our capital allocation priorities, including business development and the breakthrough research and development that creates value for society and our shareholders.”
Merck provides guidance for the full year of 2020 in its current earnings report. It expects adjusted EPS of $5.63 to $5.78 on revenue of $47.2 billion to $48.7 billion. For comparison, Wall Street is looking for an adjusted EPS of $5.31 and revenue of $47.33 billion for the year.
MRK stock was up 1.3% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.