Biopharmaceutical company Merck & Co., Inc. (MRK), known as MSD outside the U.S. and Canada, reported Thursday a net loss attributable to the company for the fourth quarter of $1.23 billion or $0.48 per share, compared to net income of $3.02 billion or $1.18 per share in the prior-year quarter.
The latest quarter included a charge of $1.69 per share on collaboration agreements with Daiichi Sankyo. Excluding items, adjusted earnings for the quarter was $0.03 per share, compared to $1.62 per share in the year-ago quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Worldwide sales for the quarter increased 6 percent to $14.63 billion from $13.83 billion in the same quarter last year. The Street was looking for revenues of $14.50 billion for the quarter. Excluding LAGEVRIO and the Impact of Foreign Exchange, sales increased 13 percent.
Looking ahead to fiscal 2024, Merck now projects adjusted earnings in a range of $8.44 to $8.59 per share on sales between $62.7 billion and $64.2 billion.
Analysts expect annual earnings of $8.42 per share on revenues of $63.52 billion for the year.
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