Merck

Morgan Stanley analyst Terence Flynn maintains Merck & Co (NYSE:MRK) with a Equal-Weight and raises the price target from $115 to $118.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We maintain our 12-month target price at $124, 14.8x our 2024 EPS, a discount to MRK’s 10-year historical forward P/E average. We increase our 2023 EPS estimate to $3.17 from $2.96 and retain 2024’s at $8.39. MRK reported a Q3 EPS of $2.13 vs. $1.85 (+15% Y/Y), $0.18 above the S&P Capital IQ consensus and $0.21 above our estimate. Q3 revenues of $16B increased by 7% Y/Y, a remarkable $689M above the consensus estimate and $832M above our forecast. This was driven by much higher-than-anticipated Lagevrio sales growth, the antiviral used to treat Covid-19 (+47% Y/Y, $640M), and strong Keytruda (the blockbuster oncology drug) sales performance (+17% Y/Y, $6.3B). The Animal Health segment returned to growth this quarter (+2% Y/Y, 9% of total sales), driven by the

Merck (NYSE:MRK) reported a Q2 non-GAAP loss of $2.06 per share, down from EPS of $1.87 a year ago. Analysts polled by Capital IQ expected a loss of $2.18. Sales for the quarter ended June 30 were $15.04 billion, up from $14.59 billion a year earlier. Analysts surveyed by Capital IQ expected $14.44 billion. The company said it now expects 2023 non-GAAP EPS of $2.95 to $3.05, compared with the prior estimate of $6.88 to $7. Analysts surveyed by Capital IQ expect $2.92. The company now expects 2023 sales to be between $58.6 billion to $59.6 billion, compared with the previous projection of $57.7 billion to $58.9 billion. Analysts polled by Capital IQ expect $58.65 billion.

Merck & Co (NYSE:MRK): Expected adjusted earnings per share of $6.80 to $6.95, below analysts’ average estimate of $7.36.