Merck (NYSE:MRK) is set to release its Q4 earnings report early Wednesday, with analysts projecting an increase in revenue compared to last year’s quarter but a decrease from Q3.

The major pharmaceutical company is anticipated to announce an adjusted loss of $0.11 per share on revenue of $14.48B, down from an adjusted profit of $1.62 per share on revenue of $13.83B for Q4 2022.

Last quarter, Merck exceeded expectations on both the top and bottom lines, reporting an adjusted profit of $2.13 per share on revenue of $15.96B. Its strong performance was driven by robust sales of its oncology drug Keytruda and HPV vaccine Gardasil.

Investors will scrutinize whether Merck’s 2023 revenue results meet or surpass the outlook it provided last quarter of $59.7B to $60.2B. Analysts, on average, expect $59.94B for 2023. For 2024, they project revenue of $63.31B.

Merck has a mixed record of beating revenue expectations in recent quarters, exceeding them four times and missing four times over the last two years. However, its track record for adjusted EPS is stronger, with six beats and two misses.

In the past 90 days, 14 analysts have revised their Q4 estimates downward while four have raised them.