Summary by Futu AI
Merck & Co., Inc. (Merck) reported a mixed financial performance for the year ended December 31, 2023. The company's worldwide sales increased by 1% to $60.1 billion, with a 4% growth excluding the unfavorable effect of foreign exchange. However, GAAP net income from continuing operations saw a significant decline of 97% to $365 million, and non-GAAP net income also decreased by 80% to $3.837 billion. Earnings per share on a GAAP basis plummeted by 98% to $0.14, while non-GAAP earnings per share dropped by 80% to $1.51. The sales increase was primarily driven by growth in oncology, vaccines, hospital acute care, and animal health, partially offset by declines in virology and diabetes. Merck's business development saw several strategic transactions, including a global agreement with Daiichi Sankyo for three antibody drug...Show More