NYSE$MRK
Merck & Co. · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Merck's Q4 2022 financial results were announced, showcasing growth in pharmaceutical sales driven by oncology and hospital acute care, alongside a decline in animal health sales.
Merck reported a 1% increase in fourth-quarter pharmaceutical sales, reaching $12.2 billion, driven by oncology and hospital acute care, while animal health sales saw a 2% decline. GAAP EPS was $1.18, and non-GAAP EPS was $1.62. The company anticipates full-year 2023 revenue between $57.2 billion and $58.7 billion.
- Pharmaceutical sales grew 1% to $12.2 billion, driven by oncology and hospital acute care.
- KEYTRUDA sales increased 19% to $5.5 billion, reflecting strong momentum from metastatic indications and increased uptake across recent earlier-stage launches.
- Vaccines sales decreased 4% to $1.5 billion, with GARDASIL/GARDASIL 9 sales declining due to lower U.S. demand.
- Animal Health sales declined 2% to $1.2 billion, impacted by a reduction in veterinary visits and supply constraints for certain vaccines.
Headline financials
Revenue & EPS history
Merck · Revenue · Quarterly
$13.8B
Revenue by segment
Merck · $13.4B total across 2 segments · Q4 2022
- Pharmaceutical$12.2B+1.7%91.0%
- Animal Health$1.2B-7.7%9.0%
Forward guidance
Merck anticipates full-year 2023 revenue to be between $57.2 billion and $58.7 billion, including a negative impact of foreign exchange of approximately 2%. The company expects a significant decline in sales of LAGEVRIO, which are expected to be approximately $1.0 billion. Merck expects full-year 2023 GAAP EPS to be between $5.86 and $6.01 and non-GAAP EPS to be between $6.80 and $6.95, including a negative impact of foreign exchange of approximately 4%.
Tailwinds
- Full-year 2023 revenue is expected to be between $57.2 billion and $58.7 billion.
- Full-year 2023 GAAP EPS is projected to be between $5.86 and $6.01.
- Full-year 2023 non-GAAP EPS is anticipated to be between $6.80 and $6.95.
- The financial outlook considers the acquisition of Imago and a collaboration with Kelun-Biotech.
- Operating expenses include incremental R&D spending to advance the development of new programs.
Headwinds
- A negative impact of foreign exchange of approximately 2% is expected on revenue.
- A significant decline in sales of LAGEVRIO is anticipated, with expected sales of approximately $1.0 billion.
- A negative impact of foreign exchange of approximately 4% is expected on non-GAAP EPS.
- The Imago acquisition is anticipated to result in an approximate 1 percentage point unfavorable impact to Merck’s expected full-year 2023 GAAP and non-GAAP tax rates.
- GAAP and non-GAAP EPS in 2022 were negatively impacted by $0.22 of charges related to collaboration and licensing agreements.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-0.4%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+1.4%
Avg return
30 days after
51%
37 / 73 earnings
Positive
+8.0%
Q3 2021
Best reaction
-11.7%
Q3 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | +2.0% | +6.9% | |
| Q4 2025 | +2.2% | +7.6% | +2.4% | |
| Q3 2025 | -1.0% | -3.1% | +21.1% | |
| Q2 2025 | +1.2% | +1.0% | +5.2% | |
| Q1 2025 | +1.5% | +7.6% | -1.5% | |
| Q4 2024 | -9.1% | -12.5% | -5.8% | |
| Q3 2024 | -2.8% | -3.0% | -3.0% | |
| Q2 2024 | -11.5% | -9.8% | -8.1% | |
| Q1 2024 | +3.3% | +1.7% | +2.0% | |
| Q4 2023 | +4.7% | +5.1% | +5.1% | |
| Q3 2023 | -0.8% | -0.9% | -1.7% | |
| Q2 2023 | -0.9% | -1.5% | +2.2% | |
| Q1 2023 | +1.8% | +3.9% | -2.1% | |
| Q4 2022 | -3.8% | -1.2% | -0.1% | |
| Q3 2022 | +2.4% | +1.4% | +9.2% | |
| Q2 2022 | -2.1% | -4.0% | -2.2% | |
| Q1 2022 | +5.1% | +3.2% | +10.3% | |
| Q4 2021 | -4.2% | -6.2% | -5.1% | |
| Q3 2021 | +8.0% | +9.2% | -2.9% | |
| Q2 2021 | -1.9% | -2.5% | -2.6% | |
| Q1 2021 | -3.4% | -1.4% | -1.6% | |
| Q4 2020 | -2.0% | -2.9% | -5.4% | |
| Q3 2020 | -3.4% | -4.6% | +1.5% | |
| Q2 2020 | +4.5% | +3.4% | +8.4% | |
| Q1 2020 | -3.8% | -7.5% | -5.9% | |
| Q4 2019 | -3.0% | -3.1% | -7.0% | |
| Q3 2019 | +4.9% | +3.3% | +6.6% | |
| Q2 2019 | +0.6% | +2.4% | +5.1% | |
| Q1 2019 | +2.5% | +4.2% | +3.8% | |
| Q4 2018 | +3.3% | +4.0% | +9.7% | |
| Q3 2018 | -0.2% | +3.3% | +5.9% | |
| Q2 2018 | +1.2% | +2.3% | +7.9% | |
| Q1 2018 | -2.7% | -1.9% | +1.1% | |
| Q4 2017 | -5.8% | -6.6% | -9.2% | |
| Q3 2017 | -11.7% | -10.7% | -12.3% | |
| Q2 2017 | +0.3% | -0.4% | -1.2% | |
| Q1 2017 | +2.0% | +2.5% | +4.6% | |
| Q4 2016 | +3.5% | +3.4% | +7.2% | |
| Q3 2016 | +0.2% | -3.1% | +1.5% | |
| Q2 2016 | +0.4% | -1.3% | +7.6% | |
| Q1 2016 | -2.2% | — | — | |
| Q4 2015 | -3.6% | — | — | |
| Q3 2015 | +4.1% | — | — | |
| Q2 2015 | +2.7% | — | — | |
| Q1 2015 | +4.5% | — | — | |
| Q4 2014 | -3.0% | — | — | |
| Q3 2014 | -3.1% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | +3.3% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q3 2013 | -2.1% | — | — | |
| Q2 2013 | -0.3% | — | — | |
| Q1 2013 | -2.7% | — | — | |
| Q4 2012 | -5.6% | — | — | |
| Q3 2012 | -1.4% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q2 2012 | +2.6% | — | — | |
| Q1 2012 | +2.0% | — | — | |
| Q3 2011 | -1.5% | — | — | |
| Q2 2011 | -1.6% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q3 2010 | -1.8% | — | — | |
| Q2 2010 | +0.8% | — | — | |
| Q1 2009 | -0.1% | — | — | |
| Q1 2010 | +0.1% | — | — | |
| Q4 2009 | +1.4% | — | — | |
| Q4 2007 | +1.4% | — | — | |
| Q3 2009 | -3.5% | — | — | |
| Q3 2008 | -3.5% | — | — | |
| Q2 2008 | +1.7% | — | — | |
| Q2 2009 | +1.7% | — | — | |
| Q4 2008 | +1.7% | — | — |
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