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Dec 31, 2021
Merck Q4 2021 Earnings Report
Merck's business achieved strong revenue and earnings growth, driven by key products like KEYTRUDA and GARDASIL, as well as the introduction of molnupiravir.
Key Takeaways
Merck reported strong fourth-quarter and full-year 2021 financial results, driven by growth in oncology, vaccines, and hospital acute care products, as well as the introduction of molnupiravir. The company achieved significant progress against its strategic priorities, including advancing its pipeline and closing the acquisition of Acceleron Pharma Inc.
Fourth-quarter pharmaceutical sales increased 23% to $12.0 billion, reflecting sales of molnupiravir and growth in oncology, vaccines and hospital acute care products.
Molnupiravir sales were $952 million in the fourth quarter of 2021, primarily consisting of sales in the U.S., the U.K. and Japan.
Growth in oncology was largely driven by higher sales of KEYTRUDA, which rose 15% to $4.6 billion in the quarter.
Fourth-quarter 2021 GARDASIL/GARDASIL 9 sales grew 53% to $1.5 billion, primarily driven by strong global demand, particularly in China, which also benefited from increased supply.
Merck
Merck
Merck Revenue by Segment
Revenue by Segment
Pharmaceutical Revenue
CapyFin.comAnimal Health Revenue
CapyFin.com Forward Guidance
Merck anticipates full-year 2022 revenue to be between $56.1 billion and $57.6 billion, including a negative impact from foreign exchange of approximately 2%. Merck expects full-year 2022 GAAP EPS to be between $5.76 and $5.91. Merck expects full-year 2022 non-GAAP EPS to be between $7.12 and $7.27, including a negative impact from foreign exchange of approximately 1%.
Positive Outlook
- Full-year 2022 revenue to be between $56.1 billion and $57.6 billion.
- Full-year 2022 GAAP EPS to be between $5.76 and $5.91.
- Full-year 2022 non-GAAP EPS to be between $7.12 and $7.27.
- Includes expected sales of $5 billion to $6 billion from molnupiravir.
- EPS guidance for 2022 assumes a share count (assuming dilution) of approximately 2.53 billion shares.
Challenges Ahead
- Includes a negative impact from foreign exchange of approximately 2% on revenue.
- Includes a negative impact from foreign exchange of approximately 1% on non-GAAP EPS.
- Non-GAAP range excludes acquisition- and divestiture-related costs.
- Non-GAAP range excludes costs related to restructuring programs.
- Non-GAAP range excludes income and losses from investments in equity securities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income