Merck & Co Inc warned of a $2.1 billion hit to its 2020 revenue on Tuesday as social distancing due to the COVID-19 pandemic is expected to hammer sales of medically administered drugs including its blockbuster Keytruda treatment.
) warned of a $2.1 billion hit to its 2020 revenue on Tuesday as social distancing due to the COVID-19 pandemic is expected to hammer sales of medically administered drugs including its blockbuster Keytruda treatment.
Roughly 66% of its revenue comes from such drugs that need a patient to visit a doctor’s office, the company said, adding that the estimate included $400 million in losses at its animal health business. Shares of the company fell 2.4% after the company also said it was suspending its share buyback program.
Merck said it saw a slight benefit as customers stocked up on some of its products, including animal health drugs as well as its Gardasil vaccine to prevent cancers associated with the human papillomavirus
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