Shares in Merck (NYSE:MRK) slipped in pre-market activity today after the pharmaceutical company beat earnings estimates but missed sales expectations on Wall Street with its third quarter results.
The Kenilworth, N.J.-based company posted a loss of -$51 million, or -2¢ per share, on sales of $10.33 billion for the 3 months ended Sept. 30.
This quarter’s results included a one-time charge of $2.35 billion related to a cancer drug collaboration that the company inked with AstraZeneca.
Merck also reported that it lost $135 million in sales in certain markets this quarter thanks to a cyber attack that hit the company in June and stalled some of its manufacturing processes. The company’s sales were down -2% compared to the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.11, ahead of consensus on The Street, where analysts were looking for sales of $10.5 billion.
“Our performance in the third quarter demonstrates the strength of our underlying business, with growth from key product launches, good global demand for vaccines, as well as strength from our animal health business,” chairman & CEO Kenneth Frazier said in prepared remarks. “We will continue augmenting our pipeline through value-creating business development like our oncology collaboration with AstraZeneca to address unmet medical need and drive future growth.”
Merck narrowed and raised its full-year adjusted EPS range to $3.91 – $3.97 and did the same for its full-year revenue range, expecting to reel in somewhere between $40 billion and $40.5 billion.
MRK shares were trading at $60.50 apiece today in pre-market trading, down -2.4%.
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