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Sep 30, 2025
Merck Q3 2025 Earnings Report
Merck reported solid third-quarter 2025 results driven by strong oncology and cardiovascular performance.
Key Takeaways
Merck delivered strong Q3 2025 results with increased revenue and EPS, fueled by continued demand for KEYTRUDA and WINREVAIR, despite a notable decline in GARDASIL sales.
KEYTRUDA sales grew to $8.142 billion, reflecting robust oncology demand.
Non-GAAP EPS reached $2.58, up from $1.57 a year ago.
WINREVAIR revenue more than doubled YoY to $360 million.
GARDASIL/GARDASIL 9 sales declined to $1.749 billion, driven by lower demand in China.
Revenue by Segment
Forward Guidance
Merck raised and narrowed its full-year 2025 EPS guidance and reaffirmed strong top-line expectations.
Positive Outlook
- Full-year sales expected between $64.5B and $65.0B.
- Non-GAAP EPS raised to $8.93–$8.98.
- Strong momentum for KEYTRUDA and WINREVAIR.
- FDA approval of KEYTRUDA QLEX strengthens oncology portfolio.
- Operational improvements and favorable tax rate supporting EPS.
Challenges Ahead
- Foreign exchange to negatively impact EPS by ~$0.15.
- Lower demand for GARDASIL in China and Japan.
- Revenue decline from SIMPONI due to rights reversion.
- Pressure on companion animal segment due to fewer vet visits.
- Ongoing generic competition affecting international sales of BRIDION.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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