Merck’s Strong Q2 Overshadowed By Gardasil Sales Decline In China

Revenue Guidance Raised, EPS Expectation Lowered

 
• By Mandy Jackson
  
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Merck & Co.’s $16.11bn in sales exceeded expectations and prompted a slight increase in 2024 guidance, but HPV vaccine Gardasil came in slightly below consensus due to lower sales in China.

Merck sign atop Merck Research Laboratories campus in South San Francisco
Merck expects up to $64.4bn in full-year 2024 sales • Source: Shutterstock

Merck & Co., Inc. reported strong overall revenue growth for the second quarter of 2024 on 30 July, but the company’s second-biggest seller fell short of analyst consensus due to an unexpected sales decline in China, a key growth market for the HPV vaccine Gardasil. While Merck still expects the product to reach forecasted sales of $11bn by 2030, Gardasil’s immediate growth trajectory is less clear as the company noted that its shipments into China may decline later this year.

Merck’s total worldwide sales in Q2 were $16.11bn versus consensus of $15.87bn, up 7% from the same period last year,...

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