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Merck Shares Fall 9% Despite Earnings Beat and Strong Demand for Key Drugs

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Merck reported second-quarter revenue and adjusted earnings that exceeded Wall Street’s expectations, driven by strong sales from its blockbuster cancer drug Keytruda and other treatments in its oncology and vaccines portfolios, as well as a newly launched cardiovascular drug. Despite this, Merck’s shares fell by 9% due to lighter-than-expected sales of Gardasil, a vaccine for HPV, exacerbated by shipment issues in China.

Merck raised its full-year sales forecast to $63.4 billion to $64.4 billion, slightly up from its previous guidance of $63.1 billion to $64.3 billion. However, it lowered its adjusted profit guidance to a range of $7.94 to $8.04 per share, down from $8.53 to $8.65 per share, reflecting one-time charges for its acquisitions of Harpoon Therapeutics and EyeBio.

For the second quarter, Merck reported adjusted earnings per share of $2.28, surpassing the expected $2.15, and revenue of $16.11 billion, above the anticipated $15.84 billion. The company posted a net income of $5.46 billion, or $2.14 per share, compared to a net loss of $5.98 billion, or $2.35 per share, in the same period last year.

Keytruda recorded $7.27 billion in revenue, up 16% year-over-year, driven by higher uptake for earlier-stage cancers and strong demand for metastatic cancers. Gardasil sales increased by only 1% to $2.48 billion due to shipment timing issues in China. Winrevair, approved in March for treating a progressive lung condition, posted $70 million in revenue, while Capvaxive, a newly approved pneumococcal vaccine, is expected to drive future growth.

Merck’s pharmaceutical division saw a 7% increase in revenue to $14.41 billion. The company’s Type 2 diabetes treatment, Januvia, faced a 27% decline in sales to $629 million due to lower demand, prices, and generic competition. Sales of Merck’s Covid antiviral pill, Lagevrio, fell by 46% to $110 million but still exceeded expectations.

Merck’s animal health division reported $1.48 billion in sales, up 2% from the previous year, but slightly below analyst expectations. Despite strong overall performance, investor concerns about Gardasil sales and future challenges in the pharmaceutical landscape influenced the decline in Merck’s stock.

DoorDash Shares Surge 13% on Strong Q2 Revenue Performance

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Shares of DoorDash surged 13% in extended trading on Thursday after the company reported second-quarter results that exceeded analysts’ expectations for revenue.

Key Figures:

• Loss per share: 38 cents (compared to the expected loss of 9 cents)
• Revenue: $2.63 billion (compared to $2.54 billion expected)

DoorDash’s revenue increased 23% from $2.13 billion a year earlier. The company narrowed its net loss to $157 million, or 38 cents per share, from $170 million, or 44 cents per share, in the same period last year. The delivery service reported 635 million total orders in the quarter, up 19% year-over-year. The Marketplace GOV (Gross Order Value) was $19.71 billion, marking a 20% increase from the previous year.

For the third quarter, DoorDash expects Marketplace GOV between $19.4 billion and $19.8 billion, with analysts’ expectations at $19.51 billion.

DoorDash expressed satisfaction with its Q2 2024 financial performance, highlighting strong growth and improved unit economics driven by years of investment and product focus.

DoorDash will hold its quarterly call with investors at 5:00 p.m. ET.