Merck & Co Inc (NYSE:MRK) reported better-than-expected second-quarter earnings and sales results on Tuesday.

The company posted quarterly sales of $16.1 billion, up 7% year-over-year, beating the consensus estimate of $15.84 billion. Excluding the impact of foreign exchange, sales increased 11%. Merck reported adjusted EPS of $2.28, a shift from an EPS loss of $(2.06), beating the consensus of $2.15.

Merck revised and narrowed its full-year 2024 forecasts. The company expects 2024 sales of $63.4 billion—$64.4 billion, compared to previous guidance of $63.1 billion—$64.3 billion and the consensus of $64.34 billion.

The U.S. pharma giant expects 2024 adjusted EPS of $7.94 to $8.04, compared to prior guidance of $8.53-$8.65 and consensus of $8.16. The outlook includes one-time charges of $0.77 per share For Harpoon and Eyebio acquisitions.

Merck shares fell 1.6% to trade at $113.37 on Wednesday.

These analysts made changes to their price targets on Merck following earnings announcement.

• UBS analyst Colin Bristow maintained Merck with a Buy and lowered the price target from $148 to $142.
• Wells Fargo analyst Mohit Bansal maintained the stock with an Equal-Weight and cut the price target from $140 to $125.
• B of A Securities analyst Geoff Meacham maintained Merck with a Buy and lowered the price target from $150 to $145.

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