Merck Heads into Q2 Earnings with Analysts Expecting 3% Revenue Growth
Pharmaceutical giant Merck (NYSE: MRK) is set to release its Q2 earnings results on Tuesday before market hours. In the same quarter last year, the company's revenue decreased by 1.9%, but this time around, analysts are expecting a 3% year-on-year growth. This comes after Merck beat analysts' revenue expectations in the previous quarter, reporting revenues of $16.29 billion, up 4.9% from the same period last year.
Looking at its peers in the pharmaceuticals segment, Corcept delivered year-on-year revenue growth of 7.3%, missing analysts' expectations by 1%. Meanwhile, Bristol-Myers Squibb reported revenues up 5.7%, topping estimates by 12.9%. Corcept's share price traded up 27.3% following the results, while Bristol-Myers Squibb was also up 3%.
Merck is heading into earnings with an average analyst price target of $135.19, compared to its current share price of $130.31. The company's investors have been steady-handed going into earnings, with share prices flat over the last month.