By Dave Sebastian

 

Merck & Co. Inc. said it raised its adjusted-earnings outlook and narrowed its revenue guidance for the full year, as it continues to see strength in its underlying business, but it lowered its earnings guidance as the company expects the pandemic to weigh on some of its results.

The company said it expects adjusted earnings of $5.91 a share to $6.01 a share on revenue of $47.6 billion to $48.6 billion. It previously guided for adjusted earnings of $5.63 a share to $5.78 a share on revenue of $47.2 billion to $48.7 billion.

Merck said it expects earnings of $4.55 a share to $4.65 a share, compared with its prior outlook of $5.63 a share to $5.78 a share. It expects operating expenses to be higher than the prior year by a low-single-digit rate.

Merck said it expects the pandemic to hurt revenue by about $2.35 billion, excluding foreign exchange. That would comprise about $2.3 billion for pharmaceuticals and about $50 million for animal health.

 

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

 

(END) Dow Jones Newswires

October 27, 2020 07:37 ET (11:37 GMT)

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