Merck & Company (MRK) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Aug 04, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

2.08

Last Year’s EPS

2.13

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 20 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call mixed strong commercial and pipeline execution with near-term financial and clinical headwinds. Merck reported solid Q1 revenue growth (+5% YoY; $16.3B), robust KEYTRUDA momentum (+8%, $8.0B), notable product and regulatory milestones (IDVYNSO approval, priority reviews for I-DXd and multiple WELIREG filings), accelerating new-product launches and AI partnerships, and raised/narrowed 2026 guidance. Offsetting these positives were a very large one-time $9B Cidara charge that drove a GAAP loss and distorted tax rate, an expected one-time R&D impact from the proposed Terns deal (~$5.8B), meaningful declines in GARDASIL (-22%), a failed LITESPARK-012 readout, and several near-term reimbursement/seasonality headwinds for specific products (ENFLONSIA, OHTUVAYRE). Overall the company emphasized long-term pipeline value and raised guidance despite near-term charges and select clinical setbacks.

Company Guidance

Merck narrowed and raised the midpoint of its 2026 non‑GAAP guidance, forecasting revenue of $65.8–$67.0 billion (growth of 1%–3%, including ~1 percentage‑point positive FX impact using mid‑April rates) with a gross margin of ~82%; operating expenses of $36.0–$36.8 billion (range excludes the proposed Terns acquisition and other potential large BD items); other expense of ~$1.3 billion; a full‑year tax rate of 23.5%–24.5% (reflecting the nondeductible Cidara charge); ~2.48 billion shares outstanding; and EPS of $5.04–$5.16 (including an approximate $0.10 FX benefit). Management noted Q1 revenue of $16.3 billion (up 5% year‑over‑year, 3% ex‑FX) and a Q1 loss per share of $1.28 that included a $3.62 per‑share onetime Cidara charge, and warned the Terns deal is expected to add a onetime R&D charge of about $5.8 billion (~$2.35 per share) plus an ~ $0.12 EPS drag in 2026; they remain on pace for roughly $3 billion of share repurchases for the year.

Quarterly Revenue Growth and Raised Guidance

Total company revenue of $16.3 billion in Q1, up 5% year-over-year (3% ex-FX). Management narrowed and raised 2026 revenue guidance to $65.8B–$67.0B (growth of 1%–3%, including ~1ppt FX) and raised non-GAAP EPS guidance to $5.04–$5.16 (including ~$0.10 FX benefit).

KEYTRUDA Momentum

KEYTRUDA family sales of $8.0 billion, up 8% YoY, driven by metastatic and earlier-stage uptake; KEYTRUDA QLEX debuted at $128 million in Q1 and received a permanent J-code on April 1. Q1 benefited from approximately $250 million of wholesaler purchase timing.

Strong Oncology & Regulatory Progress

Multiple pipeline and regulatory milestones including FDA approval of IDVYNSO for virologically suppressed HIV-1, FDA priority review for I-DXd (PDUFA Oct 10), approvals/priority reviews for KEYTRUDA combinations (e.g., ovarian cancer, MIBC with action date Aug 17), and further WELIREG submissions (PDUFA dates Jun 19 and Oct 4). Several Phase III readouts expected over the next 18 months.

Commercial Launches and Longer-Term Opportunity

Initial launches of 20+ new products underway with management citing a potential commercial opportunity of over $70 billion by the mid-2030s from these growth drivers. Organizational changes (new business units) and AI partnerships (Google Cloud, Tempus, Mayo Clinic) intended to accelerate commercialization and R&D productivity.

Vaccines & Pneumococcal Growth

CAPVAXIVE (pneumococcal) sales of $142 million in Q1, up 31% YoY, driven by uptake in certain markets and increased U.S. retail/nonretail demand.

Animal Health Strength

Animal Health sales increased 6% YoY: Livestock +8% due to higher ruminant/poultry demand and pricing; Companion animal +4% driven by new product launches and price. Introduced NUMELVI for canine allergic dermatitis.

Operational and Capital Allocation Actions

Non-GAAP gross margin ~81.9% (guidance ~82%). Company remains committed to dividend growth, on pace for roughly $3 billion of share repurchases in 2026, and retains investment-grade credit capacity for additional BD.

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
Aug 04, 2026	2026 (Q2)	2.08 / -	2.13	―	―	―
Apr 30, 2026	2026 (Q1)	-1.47 / -1.28	2.22	-157.66% (-3.50)
Feb 03, 2026	2025 (Q4)	2.01 / 2.04	1.72	18.60% (+0.32)
Oct 30, 2025	2025 (Q3)	2.36 / 2.58	1.57	64.33% (+1.01)
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)

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
Apr 30, 2026	$110.95	$109.18	-1.60%
Feb 03, 2026	$112.54	$114.99	+2.18%
Oct 30, 2025	$85.22	$84.92	-0.35%
Jul 30, 2025	$80.53	$79.67	-1.06%

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.