The 4 Most Important Things to Know About Merck's Q4 Earnings Results

Merck (NYSE: MRK) is off to a rocky start in 2020. The company's blockbuster cancer drug, Keytruda, disappointed in a late-stage clinical study targeting small cell lung cancer. Shortly afterward, Chinese biotech BeiGene announced positive results from a late-stage study for tislelizumab, potentially setting up a battle between the drug and Keytruda in the big Chinese market.

Today, the year became even rockier. Merck reported its 2019 fourth-quarter and full-year results before the market opened on Wednesday. The drugmaker's shares fell around 3% in early trading. Here are the four most important things to know about Merck's Q4 update.

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