Pharma Giants Report Q3 Earnings: Merck, Pfizer, AbbVie, and Novartis Lead with Key Drug Updates
核心洞察
Merck (搜索)'s Keytruda sales surged 17% due to strong uptake in earlier-stage indications, while a new Phase III trial for a personalized mRNA cancer vaccine in NSCLC was initiated.
Pfizer's Q3 revenues increased by 32%, driven by non-COVID products and Seagen acquisitions, leading to raised 2024 earnings and revenue expectations.
AbbVie (搜索)'s Rinvoq and Skyrizi sales rose significantly due to label expansions, and the company is set to acquire Aliada for $1.4 billion to bolster its neuroscience pipeline.
The third-quarter earnings season saw major pharmaceutical companies, including Eli Lilly, Merck (搜索), Pfizer, AbbVie (搜索), and Novartis, reporting their financial results and providing key updates on their drug portfolios and pipelines.
Merck's Oncology and Vaccine Progress
Merck (搜索) (MRK) surpassed earnings and sales estimates, with a 7% year-over-year revenue increase. Keytruda, Merck's blockbuster cancer drug, experienced a 17% sales surge, fueled by rapid adoption in earlier-stage indications and continued momentum in metastatic settings. However, sales of Gardasil and Gardasil 9, HPV vaccines, declined by 10% due to reduced demand in China. Sales of diabetes medicines Januvia/Janumet also saw a 38% year-over-year decrease.
Merck (搜索) has narrowed its sales guidance for 2024 to $63.6-$64.1 billion and adjusted EPS guidance to $7.72-$7.77. In collaboration with Moderna, Merck initiated a second pivotal Phase III study (INTerpath-009) evaluating their personalized mRNA therapeutic cancer vaccine (V940/mRNA-4157) combined with Keytruda for adjuvant lung cancer. This study focuses on patients with resectable stage II, IIIA, or IIIB (N2) non-small cell lung cancer (搜索) (NSCLC) who did not achieve a pathological complete response (pCR) after neoadjuvant Keytruda plus platinum-based chemotherapy. The trial has begun global recruitment, with the first patients enrolled in Canada.
Pfizer's Revenue Boost and Acquisition Impact
Pfizer (PFE) reported strong third-quarter results, exceeding both earnings and sales estimates. Revenues increased by 32% operationally, driven by key non-COVID products like Vyndaqel and Eliquis, new product launches, and contributions from Seagen, which added $854 million to the top line. Non-COVID product revenues rose 14% operationally. Despite this growth, sales of Xeljanz and Ibrance declined during the quarter.
Pfizer has raised its 2024 adjusted earnings guidance to $2.75-$2.95 per share and revenue expectations to $61.0-$64.0 billion.
AbbVie's Immunology and Neuroscience Expansion
AbbVie (搜索) (ABBV) also beat earnings and sales estimates, with a 4.9% year-over-year operational sales increase. This growth was propelled by strong sales of Rinvoq and Skyrizi, which rose 47.4% and 51.5%, respectively, due to label expansions to include new patient populations. AbbVie has raised its EPS guidance for 2024 to $10.90-$10.94.
AbbVie (搜索) announced a definitive agreement to acquire Aliada, a private biotech, for $1.4 billion in cash, gaining access to Aliada's novel blood-brain barrier-crossing technology. Aliada's lead candidate, ALIA-1758, an anti-pyroglutamate amyloid beta (搜索) (3pE-Aβ) antibody, is in Phase I development for Alzheimer's disease (搜索). Furthermore, AbbVie entered a collaboration and option-to-license agreement with EvolveImmune Therapeutics, focusing on next-generation cancer biotherapeutics, with AbbVie making an upfront payment of $65 million and potential milestone payments up to $1.4 billion.
Novartis' CML Approval and Financial Outlook
Novartis (NVS) reported third-quarter earnings and sales exceeding estimates, with sales rising 10% at constant currency. This growth was driven by strong performance from Entresto, Kesimpta, Kisqali, Cosentyx, Pluvicto, and Leqvio. Core operating income rose 123% at constant currency. The company has raised its growth expectations for revenues and operating income in 2024.
The FDA granted accelerated approval to Novartis’ Scemblix for expanded first-line use in Philadelphia chromosome-positive chronic myeloid leukemia (搜索) in chronic phase (Ph+ CML-CP), based on the ASC4FIRST Phase III study. This approval broadens the drug’s eligible patient population by almost four times. Novartis now expects 2024 net sales to grow in a low double-digit range and core operating income to grow in the high teens range.