The following is a summary of the Merck & Co., Inc. (MRK) Q1 2024 Earnings Call Transcript:
Financial Performance:
Total company revenues for Q1 2024 were $15.8 billion, up 9% or 12% excluding foreign exchange impact.
Gross margin improved to 81.2%, an increase of 4.3 percentage points (p.p.)
Operating expenses for the quarter decreased by 4% to $6.4 billion.
Sales from KEYTRUDA, an oncology drug, experienced high growth of 24% amounting up to $6.9 billion.
Projected full-year revenue for 2024 is anticipated to land between $63.1 and $64.3 billion, a 5% to 7% YoY growth.
Earnings for Human Health and Animal Health business improved by 13% and 4% respectively.
Business Progress:
Clinical advancements include the approval of WINREVAIR for adults with pulmonary arterial hypertension, and ongoing phase 3 ZENITH and HYPERION studies.
The HIV research pipeline is advancing, focusing primarily on the once-weekly oral combination of islatravir, and lenacapavir.
Merck is progressing with the development of a novel, multi-valent HPV vaccine. First-in-human study is slated for Q4.
Merck has finalized the procurement of Harpoon Therapeutics, and is pursuing augmentation to its immuno-oncology, precision molecular, and tissue targeting portfolio.
Clinical trials on their RSV targeted antibody clesrovimab show promise due to its high barrier to resistance and capability of providing passive immunity to infants.
Subcu version of Merck's product is set to be launched in the U.S., with an estimated reach of about 50% of the patient population by 2028.
Strides are being made towards the resumption of Islatravir, a product mentioned among those potentially aiding in diversifying the company's growth drivers.
More details: Merck & Co IR
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