Merck reported third-quarter earnings that exceeded analysts' expectations, with adjusted earnings per share of $2.49 compared to the anticipated $2.08. The company generated $18.09 billion in revenue, surpassing the $17.31 billion forecast.
Keytruda, which brought in $8.60 billion in sales, significantly outperformed the expected $7.73 billion, bolstered by $830 million in sales from its new injectable form, Qlex. This new version is part of Merck's strategy to transition patients from the original intravenous formulation, aiming to maintain market share as key patents expire in 2028.
Merck has raised its adjusted earnings outlook to between $2.77 and $2.82 per share, up from a previous range of $2.66 to $2.76, while also narrowing its 2026 revenue guidance to between $66.8 billion and $67.3 billion. Additionally, other products like Winrevair and Gardasil showed strong sales growth, contributing to the overall positive financial results.
Winrevair's sales reached $694 million, a 93% increase year-over-year, while Gardasil generated about $2 billion, exceeding expectations. However, Merck's animal health segment reported slightly lower sales than anticipated, at $1.68 billion