Pharmaceutical major Merck (NYSE:MRK) gained in pre-market trading after reporting better-than-expected Q4 results. The company reported adjusted earnings of $0.03 per share in Q4, a decline of 98% year-over-year. Still, this beat analysts’ expectations of -$0.11 per share.
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The company posted sales of $14.6 billion in the fourth quarter, up by 6% year-over-year compared to consensus estimates of $14.5 billion. The revenue surge was driven by its blockbuster cancer therapy drug Keytruda.
Looking forward to FY24, Merck expects sales to be between $62.7 and $64.2 billion, while adjusted earnings are likely to be in the range of $8.44 to $8.59 per share.
Is Merck a Good Stock to Buy Now?
Analysts remain bullish about MRK stock with a Strong Buy consensus rating based on 13 Buys and two Holds. MRK stock has gained by more than 10% over the past year, and the average MRK price target of $132.86 implies an upside potential of 10% at current levels.
