Although Israel ordered civilians in Rafah to evacuate, charity organisations say no real plan for their move is in place
mena2 hours ago
Merck posted a big fourth-quarter loss due to a hefty charge and much higher spending on research, production and overhead. The company also announced Ken Frazier, its longtime chief executive, will retire on July 1.
Frazier, Merck’s CEO for the past decade, will be replaced by Rob Davis, the chief financial officer, the company said Thursday. Frazier will become executive chairman of the board during a transition period.
Frazier, who joined Merck in 1993 and worked his way up to the top job, is one of only a few minorities to lead an S&P 500 company. He clashed with then-President Donald Trump over his refusal to condemn the white supremacists who marched in Charlottesville, Virginia, in August 2017.
Frazier quit the president’s manufacturing council, and was attacked repeatedly by Trump on Twitter.
Other executives followed and the council was quickly disbanded.
Merck, one of the world’s top vaccine makers, recently announced that it was scrapping its two Covid-19 vaccine candidates, but is continuing to develop a pair of potential treatments for the new coronavirus.
The Kenilworth, New Jersey, company lost $2.09 billion, or $0.83 per share. Adjusted income came to $3.4 billion, or $1.32 per share, well short of the $1.38 Wall Street was looking for, according to a survey by FactSet.
A year earlier, Merck posted net income of 2.36 billion, or $0.92 per share.
The fourth-quarter results included a $2.7 billion charge for acquiring cancer drug developer VelosBio in a move to expand Merck’s cancer drug franchise. That business is focused on immunotherapy treatment Keytruda, which is now approved for dozens of cancer types and patient groups. One of the world’s most lucrative drugs, Keytruda brought in a whopping $14.4 billion in 2020 sales.
Keytruda sales came in just under $4 billion in the quarter, up 28 per cent from a year earlier. Gardasil, a vaccine to prevent the cancer-causing human papilloma virus, had sales of $998 million, up 44 per cent, while Januvia and Janumet diabetes pills had combined sales of $1.3 billion.
Overall revenue was $12.51 billion, up 5 per cent from a year earlier. That was also shy of the $12.67 billion projected by analysts.
Sales of veterinary medicines came to $1.17 billion, up 4 per cent.
Shares were essentially flat before the opening bell Thursday around $77.40. When Frazier took over the company as CEO, its stock was worth about $20. — Reuters
Although Israel ordered civilians in Rafah to evacuate, charity organisations say no real plan for their move is in place
mena2 hours ago
On Sunday, the final day of the adult competition, the UAE national team delivered a stellar performance, adding seven more medals to their tally
sports2 hours ago
Report says MAI-1 will be "far larger" than the previous smaller, open source models Microsoft had previously trained
tech2 hours ago
Country is showcasing its attractions at ATM
business3 hours ago
The turmoil on campuses has prompted several colleges and universities across the US to relocate, modify, or cancel commencement ceremonies altogether
world3 hours ago
Israeli Prime Minister Benjamin Netanyahu has vowed to send ground troops into Rafah regardless of any truce, defying international concerns
mena3 hours ago
The former president was fined for the 10th time over violating an order that bars him from making comments about jurors, witnesses and families of the judge
americas3 hours ago
Art curator Carlo Garrido's latest exhibition at World Art Dubai brought together artists on the spectrum to celebrate their work on a global platform
arts3 hours ago