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Dec 31, 2025
Merck Q4 2025 Earnings Report
Merck reported solid fourth-quarter results supported by strength in oncology and Animal Health despite higher costs.
Key Takeaways
Merck delivered Q4 2025 revenue growth driven by strong KEYTRUDA and WINREVAIR performance, while GAAP earnings declined year over year due to higher restructuring and acquisition-related costs.
Oncology remained the primary growth driver led by KEYTRUDA.
WINREVAIR continued to scale with strong quarterly sales.
Animal Health posted solid growth supported by livestock demand.
Higher costs weighed on GAAP profitability during the quarter.
Revenue by Segment
Forward Guidance
Merck expects continued momentum into 2026 driven by oncology growth and new product launches, with earnings impacted by acquisition-related charges.
Positive Outlook
- Sustained oncology demand led by KEYTRUDA.
- Continued growth from WINREVAIR.
- Solid Animal Health performance.
- Broad and advancing late-stage pipeline.
- Strong long-term revenue outlook.
Challenges Ahead
- Higher restructuring and acquisition-related costs.
- Pressure on GAAP earnings from amortization.
- Vaccine sales volatility in certain markets.
- Foreign exchange headwinds.
- Execution risk related to large acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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