Merck & Company (6MK) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-1.28

Last Year’s EPS

1.88

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 19 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 03, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call balances near-term challenges (a sizable one-time Sidera acquisition charge, meaningful vaccine softness — notably Gardasil down 35% — RSV uptake below expectations, and an identified ~$2.5B headwind from generics and pricing reforms) against clear commercial and pipeline momentum (5% Q4 revenue growth, KEYTRUDA resilience, multiple high-growth product launches, strong specialty product performance, animal health growth, completed strategic acquisitions, and a materially expanded long‑term commercial opportunity with numerous near-term clinical readouts and regulatory milestones). While 2026 reported EPS and margins are being impacted by the acquisition charge and short-term pressures, management emphasizes durable long-term growth driven by a deep pipeline and new product launches, positioning the company for stronger growth beyond the LOE period.

Company Guidance

Merck's 2026 non‑GAAP guidance calls for revenue of $65.5–$67.0 billion (growth of 1%–3%, including ~1 percentage‑point positive FX using mid‑January rates), an approximate gross margin of 82%, operating expenses of $35.9–$36.9 billion (which include a one‑time ~$9 billion upfront Sidera charge), other expense of ~ $1.3 billion (including financing costs for Sidera and Verona), a full‑year tax rate of 23.5%–24.5% (reflecting the non‑deductible Sidera charge), roughly 2.48 billion shares outstanding, and non‑GAAP EPS of $5.00–$5.15 (midpoint $5.08, including an estimated ~$0.10 FX benefit); excluding the ~$3.65/share Sidera upfront charge and ~$0.03/share of ongoing MK1406/transaction costs, the EPS midpoint would be ~$9.03. The company assumes about $3 billion of share repurchases, remains committed to the dividend, does not assume additional major business development in guidance, and notes an approximate $2.5 billion headwind from generics, IRA price setting and the restructured Koselugo agreement.

Solid Q4 Revenue Growth

Total company revenues of $16.4 billion, up 5% year-over-year (4% ex-FX) for the quarter; non-GAAP EPS of $2.04; gross margin at 79.7% (see margin drivers below).

KEYTRUDA Continued Strength

KEYTRUDA family sales of $8.4 billion, up 5% year-over-year driven by uptake in earlier-stage cancers and metastatic indications; US timing headwind of ~ $200 million noted; KEYTRUDA QLEX initial sales of $35 million with a permanent J-code expected in April and management targeting 30%–40% IV-to-QLEX adoption by 2028.

Material Pipeline and Long-Term Commercial Opportunity

Management cites line of sight to over $70 billion of potential commercial opportunity by the mid-2030s (up ~$20 billion YoY), more than double consensus 2028 KEYTRUDA peak; 21 potential new growth drivers identified with 10 expected to be substantially clinically de-risked over the next two years; 18 positive Phase III readouts and initiation of 21 Phase III trials in 2025.

Strategic Acquisitions and New Assets

Completed acquisitions of Sidera Therapeutics and Verona Pharma to expand respiratory and infectious disease portfolios; Sidera asset MK1406 (long-acting antiviral for influenza prevention) described as potentially first-in-class with >$5 billion revenue potential.

Strong Growth in Select Products

Wellyrec sales up 37% to $220 million (primarily U.S. advanced renal cell carcinoma uptake); WinRevair global sales $467 million with >1,500 U.S. new patients and >27,000 prescriptions dispensed; Cefaxib pneumococcal launch sales of $279 million; O2Ver (post-Verona) sales of $178 million with strong new patient starts and increased prescribing physicians.

Animal Health Momentum

Animal health sales increased 6% overall with livestock up 9%; companion animal sales were flat but supported by new launches (offset by reduced vet visits).

Clinical and Regulatory Milestones

Notable late-stage and regulatory progress: enlicitide Phase III results (oral PCSK9) with publications/acceptances (JAMA/NEJM); positive CADANCE Phase II for winravir supporting new indications; positive topline for islotrovir (HIV) and multiple Keytruda approvals/label expansions (including bladder cancer regimens and Keytruda SC approval in EU); several near-term PDUFA/readouts called out (HIV, oncology, cardiometabolic, ophthalmology).

2026 Revenue Guidance and Underlying Growth Drivers

2026 non-GAAP revenue guidance of $65.5–$67.0 billion (growth of 1%–3%, including ~1ppt positive FX); management expects growth driven by new launches, continued oncology strength, and animal health despite identified headwinds.

Merck & Company (DE:6MK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:6MK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	-1.28 / -	1.883	―	―	―
Feb 03, 2026	2025 (Q4)	1.71 / 1.73	1.459	18.60% (+0.27)
Oct 30, 2025	2025 (Q3)	2.00 / 2.19	1.332	64.33% (+0.86)
Jul 30, 2025	2025 (Q2)	1.72 / 1.81	1.934	-6.58% (-0.13)
Apr 24, 2025	2025 (Q1)	1.81 / 1.88	1.756	7.25% (+0.13)
Feb 04, 2025	2024 (Q4)	1.36 / 1.46	0.025	5633.33% (+1.43)
Oct 31, 2024	2024 (Q3)	1.26 / 1.33	1.807	-26.29% (-0.48)
Jul 30, 2024	2024 (Q2)	1.84 / 1.93	-1.748	210.68% (+3.68)
Apr 25, 2024	2024 (Q1)	1.60 / 1.76	1.188	47.86% (+0.57)
Feb 01, 2024	2023 (Q4)	-0.09 / 0.03	1.374	-98.15% (-1.35)

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

DE:6MK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 03, 2026	€95.10	€98.20	+3.26%
Oct 30, 2025	€74.17	€73.57	-0.80%
Jul 30, 2025	€68.64	€70.81	+3.15%
Apr 24, 2025	€67.38	€66.99	-0.58%

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.