As we are wont to do, from time to time — we looked in on the Pfizer Q1 2016 earnings press release — and noticed that the big blue pill co. did quite well at the foreign exchange line, this quarter.
In fact, Pfizer saw a full $1 billion of favorable currency effect, when translating its sales into US dollars, here at home. That may mean that Mr. Read did not have a lot of hedging in place, in which case I would not expect Merck to be able to repeat a proportionately similar performance. But if it turns out that currencies have shifted even on a hedged basis — then Kenilworth should likely show a strong Q1 2016, on reported sales in US dollars. We will know in two mornings’ time — but here is the Pfizer bit:
. . . .Favorable changes in foreign exchange rates since mid-January 2016, which favorably impacted the midpoint of the guidance range for reported revenue by approximately $1.0 billion and for reported and adjusted diluted EPS by $0.06. . . .
We will let you know, come Thursday morning before NYSE open. Onward. . . on a glorious Spring afternoon. Grinning. As ever.