Merck Cuts Pharma Revenue Guidance By $1.7bn Due To Pandemic

Merck & Co. Inc. became the first of the big pharmas to reduce its 2020 revenue guidance due to the novel coronavirus pandemic, announcing on 28 April that it anticipates a $1.7bn hit to pharmaceutical sales this year, with the damage confined mainly to the second quarter. Overall, the pharma reduced its revenue guidance by $2.5bn at the midpoint, including a decline in its animal health business and the impact of foreign exchange.