Merck: It’s Not Just Keytruda Driving Future Growth
The company will depend on Keytruda for growth after spinning out some franchises, but executives argued during its Q4 earnings call that there will be much more to Merck than the cancer blockbuster.
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The company previously cut 2020 revenue expectations by $2.5bn, including $1.7bn for pharma products. Keytruda’s dominance and portfolio diversification also may dominate second quarter call.
Overall, the pharma lowered its 2020 revenue guidance by $2.5bn at the midpoint, but also says it will save about $400m on SG&A expenses. Pandemic impacts expected mainly in Q2, normal resumption in Q4.
Big pharma stocks, with few exceptions, saw big declines in valuation in the quarter amid the COVID-19 stock market rollercoaster, but pharma outperformed the S&P 500, showing the industry's resiliency in a global health crisis.