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The pharma giant now expects adjusted earnings of $2.66 to $2.76 per share, down from a prior range of $5.04 to $5.16
The drugmaker posts a narrower-than-expected quarterly loss fueled by growth in its oncology segment.
Merck slashed its profit outlook for the year due to charges tied to its acquisition of cancer biotech company Terns Pharmaceuticals.
Stock Market Today: The Dow Jones index fell Monday, while tech futures rallied. Micron stock and Sandisk rebounded in premarket trading.
June 30 (Reuters) - A bipartisan group of U. lawmakers has opened national security investigations into whether drugmakers Merck and AbbVie have been involved in clinical trials conducted in China that helped fuel the communist country's military capability, according to letters seen by Reuters.
US stocks (^DJI, ^IXIC, ^GSPC) search for direction ahead of Thursday's session close, while Micron Technology (MU) holds onto gains following its massive earnings beat yesterday. Yahoo Finance Markets and Data Editor Jared Blikre takes a closer look at the day's market moves, Big Tech stocks, and how Micron's stock gains may be impacting Apple (AAPL).
Shares of Regeneron Pharmaceuticals are down about 11%, dragging the Nasdaq composite, after the company’s experimental melanoma drug failed a pivotal clinical trial. The company said that its drug fianlimab, when combined with an approved cancer drug, didn't keep patients’ disease from worsening significantly longer than Merck’s Keytruda.
Shares tumbled after the drugmaker said a late-stage clinical trial of a skin cancer medication fell short of its target.