By Matt Grossman
Merck & Co. Inc. on Friday narrowed and raised its full-year financial guidance to levels that exceeded analysts' expectations for revenue and adjusted profit, but noted the effects of the Covid-19 pandemic are likely to hurt its full-year revenue figure by nearly $2 billion.
The company expects to report full-year revenue of $47.2 billion to $48.7 billion, and a profit of $4.58 a share to $4.73 a share. On an adjusted basis, Merck expects a profit of $5.63 a share to $5.78 a share.
Analysts had forecast full-year adjusted earnings of $5.31 a share, and revenue of $47.2 billion, according to FactSet.
Merck's guidance includes its estimate that the pandemic will have a full-year negative revenue impact of $1.95 billion.
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