WS Investor
03 Feb 2026, 19:57
Merck & Co., Inc. reported fourth-quarter and full-year 2025 results showing resilient performance driven by oncology and animal health, while highlighting significant progress across its late-stage pipeline.
Fourth-quarter worldwide sales rose 5% to $16.4 billion, with GAAP EPS of $1.19 and non-GAAP EPS of $2.04. For full-year 2025, Merck generated $65.0 billion in worldwide sales, up 1% year over year, supported by 7% growth in KEYTRUDA/KEYTRUDA QLEX sales to $31.7 billion, $1.4 billion in WINREVAIR sales, and strong Animal Health growth of 8%. These gains were partly offset by a sharp decline in GARDASIL/GARDASIL 9 sales.
During 2025, Merck reported positive results from 18 Phase 3 trials, expanded its pipeline through acquisitions and licensing deals, and received FDA National Priority Vouchers for key late-stage assets. Looking ahead, the company expects 2026 worldwide sales of $65.5–$67.0 billion and non-GAAP EPS of $5.00–$5.15, reflecting a one-time charge related to the Cidara Therapeutics acquisition.
Source: Merck & Co., Inc. press release
Fourth-quarter worldwide sales rose 5% to $16.4 billion, with GAAP EPS of $1.19 and non-GAAP EPS of $2.04. For full-year 2025, Merck generated $65.0 billion in worldwide sales, up 1% year over year, supported by 7% growth in KEYTRUDA/KEYTRUDA QLEX sales to $31.7 billion, $1.4 billion in WINREVAIR sales, and strong Animal Health growth of 8%. These gains were partly offset by a sharp decline in GARDASIL/GARDASIL 9 sales.
During 2025, Merck reported positive results from 18 Phase 3 trials, expanded its pipeline through acquisitions and licensing deals, and received FDA National Priority Vouchers for key late-stage assets. Looking ahead, the company expects 2026 worldwide sales of $65.5–$67.0 billion and non-GAAP EPS of $5.00–$5.15, reflecting a one-time charge related to the Cidara Therapeutics acquisition.
Source: Merck & Co., Inc. press release