Merck (NYSE:MRK) narrowed its full-year earnings outlook while announcing its second quarter results today. The company revealed that an international cyber attack, which hit the drugmaker in June, halted some of its manufacturing operations.
While touting its second quarter financial results, Merck said that it doesn’t yet fully comprehend the magnitude of the disruption caused by the cyber attack and that it is still restoring its operations.
“Full recovery from the cyber-attack will take some time, but we are making steady progress,” CEO Ken Frazier said on the company’s conference call, according to Reuters.
On its earnings call, the company said that its full-year EPS forecast would have been higher if not for the cyberattack.
The company reported that there will likely be temporary delays on orders for a few of its drugs, but not for key products like its cancer drug, Keytruda.
Merck’s net income rose 61% to $1.95 billion, or 71¢ per share, in the three months ending June 30, compared to the same period last year. Sales for the quarter rose 1% to $9.93 billion, easily beating analysts’ estimates of $9.75 billion.
Adjusted to exclude one-time items, earnings per share were $1.01, ahead of consensus on The Street, where analysts expected 87¢.
Material from Reuters was used in this report.
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