Merck's earnings call highlights steady performance in oncology and Animal Health, successful product launches, and a robust pipeline. However, significant declines in GARDASIL sales, particularly in China, and the impact of foreign exchange and tariffs present challenges.

Company Guidance -

Q3 2025

During the Merck & Co., Inc. Q2 2025 earnings call, the company reported revenues of $15.8 billion, reflecting a 2% decrease year-over-year, both nominally and excluding foreign exchange impacts. Notably, sales were impacted by a $1.3 billion decline in GARDASIL sales in China, which reduced growth by 9 percentage points. Excluding these sales, global growth was 7%, driven by oncology and Animal Health, as well as new products like WINREVAIR, which achieved $1 billion in cumulative sales since approval. Sales of KEYTRUDA rose 9% to $8 billion, and WINREVAIR contributed $336 million in global sales. Operating expenses increased to $6.6 billion, with a gross margin of 82.2%. The company announced a multiyear optimization program to redirect $3 billion in cost savings from lower-growth areas into high-potential areas. Full-year 2025 guidance includes revenue expectations of $64.3 billion to $65.3 billion, with EPS projected between $8.87 and $8.97.

Steady Revenue and Growth in Core Areas

Merck delivered revenue of $15.8 billion in Q2 2025, reflecting strength in oncology and Animal Health as well as contributions from new product launches like WINREVAIR, which achieved $1 billion in cumulative sales.

Successful Product Launches and Pipeline Expansion

The company highlighted successful launches of WINREVAIR and CAPVAXIVE, and positive clinical trial results for enlicitide and other pipeline candidates. Over 80 Phase III studies are underway.

Strong Performance in Oncology

KEYTRUDA sales increased 9% to $8 billion, with growth in both U.S. and international markets, driven by robust demand from metastatic indications and increased uptake in earlier-stage cancers.

Animal Health Growth

Animal Health sales increased 11%, reflecting higher demand across all species and improved supply.

Merck & Company (MRK) Earnings, Revenues Date & History

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MRK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	2.37 / -	1.57	―	―	―
Jul 30, 2025	2025 (Q2)	2.03 / 2.13	2.28	-6.58% (-0.15)
Apr 24, 2025	2025 (Q1)	2.13 / 2.22	2.07	7.25% (+0.15)
Feb 04, 2025	2024 (Q4)	1.61 / 1.72	0.03	5633.33% (+1.69)
Oct 31, 2024	2024 (Q3)	1.48 / 1.57	2.13	-26.29% (-0.56)
Jul 30, 2024	2024 (Q2)	2.17 / 2.28	-2.06	210.68% (+4.34)
Apr 25, 2024	2024 (Q1)	1.89 / 2.07	1.4	47.86% (+0.67)
Feb 01, 2024	2023 (Q4)	-0.11 / 0.03	1.62	-98.15% (-1.59)
Oct 26, 2023	2023 (Q3)	1.95 / 2.13	1.85	15.14% (+0.28)
Aug 01, 2023	2023 (Q2)	-2.18 / -2.06	1.87	-210.16% (-3.93)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MRK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$82.63	$81.75	-1.06%
Apr 24, 2025	$77.96	$79.05	+1.40%
Feb 04, 2025	$97.95	$89.07	-9.07%
Oct 31, 2024	$102.08	$99.64	-2.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.