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MRK MerckEarnings

Merck Tops Revenue Estimates at $18.1 Billion; Adjusted EPS Beats at $2.49

Merck raised the midpoint of its full-year sales outlook to $66.8 billion to $67.3 billion and narrowed its adjusted EPS guidance to $2.77 to $2.82, including a one-time $0.12-per-share charge tied to a SciBrunch license.

By Zintick Team · Editor: Kratik Mehta
Published

Several vials and syringe in laboratory, conceptual image
Photo: Beyond This/Shutterstock.com

Key points

  • Sales of $18.1 billion, up 5%, versus $17.34 billion expected by analysts
  • Adjusted EPS of $2.49 versus $2.09 consensus; GAAP EPS $2.04
  • Full-year sales outlook narrowed to $66.8 billion to $67.3 billion, low end raised
  • Full-year adjusted EPS guidance narrowed to $2.77 to $2.82, above the $2.65 consensus

Merck & Co., Inc. (NYSE: MRK) reported third-quarter 2026 sales of $18.1 billion, above the $17.34 billion analysts expected, and adjusted EPS of $2.49 against the $2.09 consensus estimate, in an 8-K filed Thursday, Oct. 29, 2026. Sales rose 5% from a year earlier, or 4% excluding foreign exchange. GAAP EPS was $2.04, down 12% from $2.32.

Both GAAP and adjusted EPS include a one-time charge of $0.12 per share related to a global license agreement with SciBrunch Therapeutics Co., Ltd. Adjusted EPS fell 3% from $2.58 a year earlier.

Growth led by Keytruda and WINREVAIR

Keytruda and Keytruda Qlex sales were $8.6 billion, up 6%. Keytruda Qlex contributed $830 million. WINREVAIR sales reached $694 million, up 93%. Gardasil and Gardasil 9 sales rose 14% to $2.0 billion. Animal Health sales were $1.7 billion, up 4%.

Januvia and Janumet sales fell 39% to $380 million, reflecting generic competition in the U.S. Bridion sales fell 67% to $144 million after losing market exclusivity.

Narrowed full-year outlook

Merck now expects full-year 2026 sales of $66.8 billion to $67.3 billion, narrowing the range by raising its low end from $66.3 billion; the top end is unchanged. Analysts expected $67.05 billion for the year.

The company narrowed its adjusted EPS range to $2.77 to $2.82 from $2.66 to $2.76. The new range sits above the $2.65 consensus estimate for the full year. The outlook includes one-time charges of $9.0 billion, or $3.62 per share, for the Cidara acquisition and $5.7 billion, or $2.31 per share, for the Terns acquisition, along with the $0.12 per share SciBrunch charge. Including those charges, the 2026 range sits well below the $8.98 non-GAAP EPS Merck reported for 2025.

Pipeline milestones

Merck said it presented Phase 3 data at the ESMO Congress, including results for sac-TMT in endometrial cancer. The U.S. FDA accepted a biologics license application for sac-TMT with a PDUFA date of June 15, 2027. The company also reported that the FDA approved an update to the WINREVAIR label.

The stock closed at $140.93 on Wednesday, Oct. 28, 2026, the last close before the filing.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

MRK page →

Filings, figures and price history are on the Merck page.