Merck & Co. Inc. on Thursday logged an adjusted profit in the latest quarter as growth in its oncology and vaccine sales drove higher revenue despite the negative effect of the Covid-19 pandemic on sales.
The Kenilworth, N.J.-based pharmaceutical company logged a fourth-quarter loss of 83 cents a share, compared with earnings of 92 cents a share in the year-ago quarter. The company's net loss was $2.09 billion, a swing from a profit of $2.36 billion in the prior year's fourth quarter.
On an adjusted basis, Merck posted a profit of $1.32 a share. Analysts surveyed by FactSet were forecasting adjusted earnings of $1.38 a share.
Merck's revenue was $12.51 billion, up 5% from $11.87 billion in the fourth quarter of 2019. Analysts were expecting revenue of $12.67 billion.
The pandemic negatively impacted Merck's pharmaceutical revenue by $400 million in the latest quarter, the company said. Social distancing and reduced health-care visits particularly affected sales of vaccines for other diseases, according to the company. The full-year impact to Merck's revenue from the pandemic was about $2.5 billion, the company said.
Overall, pharmaceutical revenue in the quarter grew 8% to $11.4 billion, with growth driven primarily by oncology and vaccine sales.
Animal-health sales grew 4% to $1.2 billion.
The company forecast full-year revenue for 2021 of $51.8 billion to $53.8 billion and adjusted earnings of $6.48 to $6.68 a share.
Analysts had been forecasting revenue of $51.66 million and an adjusted profit of $6.30 a share.
Merck said Thursday that Chief Executive Kenneth C. Frazier will retire at the end of June. He will be succeeded by Robert M. Davis, the current chief financial officer.
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