{"id":43164,"date":"2023-08-01T15:22:35","date_gmt":"2023-08-01T19:22:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/merck-swings-to-loss-as-it-books-charge-on-10-8-billion-acquisition-of-prometheus-biosciences\/"},"modified":"2023-08-01T15:22:37","modified_gmt":"2023-08-01T19:22:37","slug":"merck-swings-to-loss-as-it-books-charge-on-10-8-billion-acquisition-of-prometheus-biosciences","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43164","title":{"rendered":"Merck swings to loss as it books charge on $10.8 billion acquisition of Prometheus Biosciences"},"content":{"rendered":"
\n

Merck & Co.\u2019s stock was flat to lower on Tuesday after the company swung to a second-quarter loss as it booked a charge related to its $10.8 billion acquisition of Prometheus Biosciences Inc. <\/p>\n

The company
\n MRK,
\n -0.90%<\/bg-quote>
\n swung to a net loss of $4.975 billion, or $2.35 a share, for the quarter, after income of $3.944 billion, or $1.55 a share, in the year-earlier period. The number includes a $4.02-a-share charge from the Prometheus deal. <\/p>\n

\n

Excluding that charge, the company\u2019s adjusted loss per share was $2.06, narrower than the loss of $2.18 forecast by FactSet analysts. <\/p>\n

Sales rose 3% to $15.035 billion from $14.593 billion a year ago, also ahead of the $14.442 billion FactSet consensus. <\/p>\n

Earnings were hit by a slump in sales of the company\u2019s COVID antiviral Lagevrio, which fell 83% to $203 million, as the world has increasingly moved on from the pandemic. Lagevrio is an oral antiviral authorized for treatment of mild to moderate COVID. <\/p>\n

Pfizer Inc.
\n PFE,
\n -1.28%<\/bg-quote>
\n also got hit in the quarter by a slump in demand for its COVID products \u2014 its vaccine and its antiviral Paxlovid.<\/p>\n

Sales of Merck\u2019s Keytruda cancer treatment rose 19% to $6.3 billion, while sales of the\u00a0human papillomavirus vaccine Gardasil rose 47% to $2.5 billion.<\/p>\n

See also: <\/strong>Johnson & Johnson joins Merck, others in fighting Medicare drug-price program<\/p>\n

Related: <\/strong>Merck lawsuit challenging Medicare drug-price negotiation signals long battle ahead, experts say<\/p>\n

Overall, pharmaceutical sales rose 6% to $13.5 billion, while animal-health revenue fell 1% to $1.46 billion. <\/p>\n

The company is expecting the acquisition of Prometheus to accelerate its presence in immunology and diversify its pipeline. <\/p>\n

Prometheus is a clinical-stage biotechnology company focusing on autoimmune treatments, such as PRA023, a treatment under development for illnesses such as ulcerative colitis and Crohn\u2019s disease. <\/p>\n

Merck is now expecting full-year sales of $58.6 billion to $59.6 billion, while FactSet analysts expect $58.7 billion. Merck expects its full-year adjusted EPS to range from $2.95 to $3.05, compared with a FactSet consensus of $2.90. <\/p>\n

The stock is down 3.9% in the year to date, while the S&P 500
\n SPX,
\n -0.19%<\/bg-quote>
\n has gained 19.5%.<\/p>\n

Also see:<\/strong>\u00a0Moderna, Merck combo cancer-vaccine treatment shows \u2018significant\u2019 promise<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Merck & Co.\u2019s stock was flat to lower on Tuesday after the company swung to a second-quarter loss as it booked a charge related to its $10.8 billion acquisition of Prometheus Biosciences Inc. The company MRK, -0.90% swung to a net loss of $4.975 billion, or $2.35 a share, for the quarter, after income of […]<\/p>\n","protected":false},"author":1,"featured_media":43165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-43164","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMerck swings to loss as it books charge on $10.8 billion acquisition of Prometheus Biosciences | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Merck & Co.\u2019s stock was flat to lower on Tuesday after the company swung to a second-quarter loss as it booked a charge related to its $10.8 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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