A nurse holds up a one dose bottle and a prepared syringe of measles, mumps and rubella virus vaccine made by Merck at the Utah County Health Department on April 29, 2019 in Provo, Utah.
George Frey | Getty Images
Pharmaceutical giant Merck on Friday beat Wall Street expectations in the second quarter and raised its overall earnings guidance for the year, saying the worst of the coronavirus pandemic is behind it.
The company, which is racing to develop two vaccines as well as a treatment to fight Covid-19, told investors the “majority of the negative impact” hit its earnings during the quarter. It expects a gradual recovery through the third quarter “with a return to normal operating levels in the fourth quarter.”
The company’s shares rose by nearly 3% in premarket trading. The Covid-19 pandemic cost Merck $1.6 billion in lost revenue during the quarter as fewer people visited doctor’s offices. The company estimated the total revenue impact of the pandemic at $1.95 billion for…