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Merck & Co (MRK: A1 pos / A+): Earnings 30th July

HEALTHCARE
  • Analysts' earnings expectations have DROPPED -5% on average in the past month.
  • Given that this is covered by 20 analysts there is clearly something happening.
  • FY24 EPS expected $8.19 from $8.60
  • MRK is a large issuer with $38bn in bonds spread over 14.4 WtgAve Years.
  • $3bn total expiring in next 6 months.
  • Last issued EUR 3.4bn in May to pay for Elanco Animal Health.
  • Merck has a very heavy R&D programme ($30b has tripled since 2020) on top of M&A to attempt to replace Keytruda as its main revenue source (45% sales).
  • Keytruda loses patent in 2028.
  • Market will want information on the integration of Prometheus, Acceleron , Elanco and Eyebiotech. Management will be busy.
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