{"id":1226,"date":"2024-07-31T10:12:34","date_gmt":"2024-07-31T02:12:34","guid":{"rendered":"https:\/\/flcube.com\/?p=1226"},"modified":"2024-12-10T10:46:49","modified_gmt":"2024-12-10T02:46:49","slug":"mercks-q2-2024-earnings-miss-estimates-as-china-market-downturn-surprises","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=1226","title":{"rendered":"Merck’s Q2 2024 Earnings Miss Estimates as China Market Downturn Surprises"},"content":{"rendered":"\n

Merck, Sharp & Dohme Inc. (MSD; NYSE: MRK<\/a>) has reported its financial results for the second quarter of 2024, with global revenues reaching USD 16.1 billion, marking an 11% increase year-on-year when excluding currency impacts. Despite this growth, the company’s stock price declined by 9.81% as investors reacted to the earnings report and a perceived lack of preparedness by MSD executives for the market downturn in China, as discussed during the earnings conference call.<\/p>\n\n\n\n

MSD raised its annual guidance slightly, forecasting full-year revenues between USD 63.4 billion and USD 64.4 billion. However, the key challenge for MSD is the impending patent expiry of Keytruda (pembrolizumab), the world’s top-selling programmed death-1 (PD-1) inhibitor, in 2028. Keytruda continued to be a significant revenue driver in Q2’24, with sales up 21% to USD 7.3 billion.<\/p>\n\n\n\n

A bright spot in the quarter was the launch of Winrevair (sotatercept), a first-in-class biologic for pulmonary arterial hypertension (PAH), which generated USD 70 million in its first quarter of sales.<\/p>\n\n\n\n

The growth of MSD’s human papillomavirus (HPV) vaccine Gardasil\/Gardasil-9 was less robust in Q2’24, with sales growing by only 4% year-on-year to USD 2.478 billion, primarily driven by the US market. Sales in China were notably lower due to the lower sell-out of Gardasil by distributor Zhifei Biological Products Co., Ltd.<\/p>\n\n\n\n

MSD’s total China market sales declined by 5% year-on-year in Q2 to USD 1.79 billion and by 1% over the first half of 2024 to USD 3.53 billion. This represents a significant deceleration from the 39% growth reported in Q2 2023 and 45% growth over the first six months of 2023.<\/p>\n\n\n\n

Merck CEO Rob Davis discussed the China downturn, revealing that the company was surprised by reduced shipments by distribution partner Zhifei Bio, which has been attributed to China’s anti-corruption efforts impacting HPV vaccine promotion and distribution.- Flcube.com<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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