Terns charge tips Merck into a second-quarter loss as sales rise 5%
US pharma major Merck & Co (NYSE: MRK), known as MSD outside the USA and Canada, reported second-quarter sales of $16.61 billion, up 5% year on year and 4% excluding currency, but a one-time charge tied to its Terns Pharmaceuticals takeover pushed the company to a loss on both reported and adjusted measures.
GAAP loss per share was $0.54, against earnings of $1.76 a year earlier, while non-GAAP loss per share came in at $0.13, versus $2.13. Both figures carry a $2.31 per share hit from the $6.8 billion Terns deal, which closed in May and was accounted for as an asset acquisition rather than a business combination.
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