The earnings call reflects a mixed sentiment with strong performance in key areas like oncology and new product launches, but challenges persist with GARDASIL in China and impacts from Medicare Part D redesign. Although the company remains confident in its long-term growth potential, short-term headwinds are acknowledged.

Company Guidance

During the Merck Q4 2024 earnings call, the company reported robust financial performance with total revenues reaching $15.6 billion, representing a 7% increase, or 9% when excluding foreign exchange impacts. Key growth drivers included the oncology sector, with KEYTRUDA sales surging by 21% to $7.8 billion, and the Animal Health division reporting a 13% increase in sales. However, GARDASIL experienced an 18% decline in sales due to reduced demand in China, prompting Merck to temporarily pause shipments to the region to manage elevated inventory levels. Despite these challenges, the company maintains a positive outlook, forecasting revenue growth of 2% to 4% for 2025, excluding the anticipated impact of foreign exchange and GARDASIL sales in China. Merck also highlighted its strong gross margin of 80.8% and projected earnings per share (EPS) between $8.88 and $9.03 for 2025.

Strong Overall Revenue Growth

Total company revenues were $15.6 billion in Q4 2024, an increase of 7% (9% excluding foreign exchange impacts). The Human Health business sustained its momentum with sales increasing 8%, driven primarily by oncology, and the Animal Health business delivered a 13% sales growth.

KEYTRUDA Performance

KEYTRUDA sales grew 21% to $7.8 billion, driven by robust global demand, increased uptake in earlier-stage cancers, and combination therapies in various tumor types.

WINREVAIR Growth and Clinical Success

WINREVAIR contributed $200 million in sales with continued strong prescription growth. The ZENITH trial for WINREVAIR showed statistically significant reduction in morbidity or mortality in pulmonary arterial hypertension, leading to early trial termination due to efficacy.

Innovative Pipeline and Future Growth Drivers

Merck has 20 potential new growth drivers with blockbuster opportunity, including WINREVAIR, CAPVAXIVE, and various late-phase clinical programs, representing over $50 billion of potential revenue opportunity.

Animal Health Business Growth

The Animal Health business achieved 13% sales growth, driven by higher demand for poultry and sales from the recently acquired aqua portfolio from Elanco.

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Merck & Company (MRK) 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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MRK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 24, 2025	2025 (Q1)	2.13 / -	2.07	―	―	―
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)
Apr 27, 2023	2023 (Q1)	1.32 / 1.40	2.14	-34.58% (-0.74)
Feb 02, 2023	2022 (Q4)	1.53 / 1.62	1.8	-10.00% (-0.18)

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

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MRK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 04, 2025	$99.79	$90.74	-9.07%
Oct 31, 2024	$104.00	$101.51	-2.39%
Jul 30, 2024	$125.92	$113.57	-9.81%
Apr 25, 2024	$124.41	$128.05	+2.93%

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.

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