MRK Merck and Co Inc

   By Dave Sebastian 
 

Merck & Co. (MRK) raised its full-year outlook for revenue and adjusted earnings.

The company now sees full-year revenue of $46.5 billion to $47 billion. It previously guided revenue of $45.2 billion to $46.2 billion. Analysts polled by FactSet are expecting $45.94 billion.

The guidance includes the impact of the Gardasil 9 human papillomavirus infection vaccine stockpile borrowing from the Centers for Disease and Control and Prevention, which is expected to reduce Gardasil 9 sales in the fourth quarter by about $120 million, Merck said.

Merck cut its per-share earnings to between $3.75 and $3.80 from between $3.78 and $3.88.

The company now expects adjusted per-share earnings to be between $5.12 and $5.17, compared with its prior guidance of $4.84 to $4.94. Analysts are expecting $4.92 a share.

Merck also narrowed its guidance for its full-year effective tax rate to about 16.5%, compared with its previously guided range of 16% to 17%. It narrowed its non-GAAP effective tax rate to about 17.5% from it previous guidance of 16.5% to 17.5%.

Merck reaffirmed its guidance for operating expenses to be higher than 2018 by a low single digit rate.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 29, 2019 07:47 ET (11:47 GMT)

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