Merck Swings Into Q2 Loss On Prometheus Biosciences Acquisition Charge, But Raises FY23 Revenue Outlook
Portfolio Pulse from Vandana Singh
Merck & Co Inc reported Q2 sales of $15.04 billion, up 3% Y/Y, beating the consensus of $14.39 billion. The company swung into a loss due to a $4.02 per share acquisition charge for Prometheus Biosciences. However, Merck raised its FY23 revenue outlook to $58.6-$59.6 billion, up from the previous guidance of $57.7-$58.9 billion. MRK shares are up 1.74% in premarket trading.
August 01, 2023 | 2:56 pm
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Merck reported higher than expected Q2 sales and raised its FY23 revenue outlook, despite swinging into a loss due to the acquisition of Prometheus Biosciences. MRK shares are up in premarket trading.
Merck's Q2 sales beat expectations and the company raised its FY23 revenue outlook, which are positive signals for investors. However, the company swung into a loss due to the acquisition of Prometheus Biosciences. The market seems to be reacting positively to the news, as MRK shares are up in premarket trading.
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