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Merck lifted its full-year revenue outlook after new drug sales grew, then cut its profit guidance in the same release to reflect a charge from its acquisition of biotech company Terns Pharmaceuticals.
The two lines move in opposite directions, and the profit cut traces back to one cause: the Terns deal.
Revenue driven by new drug sales Merck raised its revenue forecast on the strength of growing new-drug sales, according to the company's release.
The better commercial performance in that segment gave management room to revise the outlook higher. Growing sales in newer products is the kind of result Merck would headline. The profit line tells a different story.
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