An independent investigation by auditor KPMG into Wirecard found on Tuesday the German payments company did not provide sufficient documentation to address all allegations of accounting irregularities made by the Financial Times. Following the release of the report, Wirecard said the KPMG audit had not uncovered any incriminating evidence to support allegations it manipulated its accounts and it would not restate its accounts for the years 2016 through 2018. "I would like to underline that, overall and in every point, the allegations were not confirmed," CEO Markus Braun told a conference call with reporters....
An independent investigation by auditor KPMG into Wirecard found on Tuesday the German payments company did not provide sufficient documentation to address all allegations of accounting irregularities made by the Financial Times. Following the release of the report, Wirecard said the KPMG audit had not uncovered incriminating evidence to support allegations it manipulated its accounts and it would not restate its accounts for the years 2016 through 2018. "I would like to underline that, overall and in every point, the allegations were not confirmed," CEO Markus Braun told a conference call with reporters....
Many of Merck's top-selling products, including blockbuster cancer drug Keytruda, are administered by physicians. Rival drugmakers Pfizer Inc on Tuesday stuck to its forecasts, and Eli Lilly and Co raised the top end of its 2020 profit outlook last week. "Two-thirds of our products are physician administered, and that is probably somewhat unique and is causing the impact," Chief Financial Officer Robert Davis said on a conference call....
Roughly 66% of its revenue comes from such drugs that need a patient to visit a doctor's office, the company said, adding that the estimate included $400 million in losses at its animal health business. "The company anticipates reduced demand for its physician-administered products while pandemic-related access measures remain in place," Merck said in a statement....
Merck, which lowered its full-year 2020 profit forecast, said roughly 66% of its revenue is made up of drugs that are administered at a doctor's office, including Keytruda, and social distancing measures are hitting their sales. "The company anticipates reduced demand for its physician-administered products while pandemic-related access measures remain in place," Merck said. The company also said it was suspending its share buyback program....
