The call highlighted Merck's strong performance with new product launches and a robust pipeline, particularly in oncology and cardiopulmonary. However, challenges in China with GARDASIL and competitive pressures from biosimilars were notable lowlights.

Company Guidance -

Q3 2025

During the Merck & Co., Inc. Q2 2025 conference call, the company reported revenue of $15.8 billion, reflecting a 2% decrease from the previous year, both nominally and excluding foreign exchange impacts. Key growth drivers included oncology and Animal Health, with notable contributions from new products like WINREVAIR, which achieved $1 billion in cumulative sales since its approval. Sales of KEYTRUDA increased by 9% to $8 billion, driven by demand in metastatic and earlier-stage cancers. The company announced a multiyear optimization initiative aiming to reallocate $3 billion from lower-growth areas to support burgeoning growth drivers. They maintained their full-year revenue guidance between $64.3 billion and $65.3 billion, representing 1% to 2% growth, and adjusted their EPS guidance to $8.87 to $8.97. The call highlighted Merck’s strategic focus on expanding its innovative pipeline, with over 80 Phase III studies underway, and confidence in overcoming the upcoming patent expiration of KEYTRUDA.

WINREVAIR Achieves Significant Milestone

WINREVAIR achieved $1 billion of cumulative sales in just over a year since approval, demonstrating strong market penetration and impact on patients with pulmonary arterial hypertension.

Positive Oncology Pipeline Developments

KEYTRUDA marked its 10th earlier-stage approval, and the company presented encouraging data across multiple novel candidates at ASCO, reinforcing the potential of its oncology portfolio.

Strong Animal Health Growth

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

Successful Launch of ENFLONSIA

ENFLONSIA, a monoclonal antibody for RSV prevention, received FDA approval and ACIP recommendation, showcasing Merck's expansion into new therapeutic areas.

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

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DE:6MK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	2.04 / -	1.353	―	―	―
Jul 30, 2025	2025 (Q2)	1.75 / 1.84	1.964	-6.58% (-0.13)
Apr 24, 2025	2025 (Q1)	1.84 / 1.91	1.783	7.25% (+0.13)
Feb 04, 2025	2024 (Q4)	1.39 / 1.48	0.026	5633.33% (+1.46)
Oct 31, 2024	2024 (Q3)	1.28 / 1.35	1.835	-26.29% (-0.48)
Jul 30, 2024	2024 (Q2)	1.87 / 1.96	-1.775	210.68% (+3.74)
Apr 25, 2024	2024 (Q1)	1.62 / 1.78	1.206	47.86% (+0.58)
Feb 01, 2024	2023 (Q4)	-0.09 / 0.03	1.396	-98.15% (-1.37)
Oct 26, 2023	2023 (Q3)	1.68 / 1.84	1.594	15.14% (+0.24)
Aug 01, 2023	2023 (Q2)	-1.88 / -1.77	1.611	-210.16% (-3.39)

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
Jul 30, 2025	€69.90	€72.10	+3.15%
Apr 24, 2025	€68.61	€68.22	-0.58%
Feb 04, 2025	€94.33	€84.12	-10.82%
Oct 31, 2024	€93.09	€91.63	-1.57%

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.