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Merck & Co Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved Q4 2025 sales of $16.4B (up 5% year-over-year) and full-year 2025 sales of $65.0B (up 1%), driven by Oncology, Animal Health, and new product launches, with over 20 new growth drivers in the pipeline.
Strategic acquisitions of Verona Pharma and Cidara Therapeutics expanded the pipeline and portfolio, including the addition of MK-1406.
Pipeline advanced with 18 positive Phase 3 trial results and multiple regulatory milestones, including FDA and EC approvals for KEYTRUDA and WINREVAIR.
Line of sight to over $70B in potential commercial opportunity by mid-2030s, $20B higher than last year, driven by pipeline and new launches.
Confidence in sustainable long-term growth post-Keytruda LOE, supported by robust pipeline and animal health business.
Financial highlights
Q4 2025 revenues were $16.4B, up 5% year-over-year; full-year 2025 sales reached $65.0B.
Q4 non-GAAP EPS was $2.04 (up 19%); GAAP EPS was $1.19 (down 20% due to charges); full-year non-GAAP EPS was $8.98, GAAP EPS $7.28 (up 8%).
Keytruda family sales rose 5% to $8.4B in Q4; full-year sales reached $31.7B (up 7%).
Animal Health sales grew 8% in Q4 and 6% for the year, led by livestock products.
WINREVAIR and CAPVAXIVE contributed $1.4B and $759M in annual sales, respectively.
Outlook and guidance
2026 revenue guidance: $65.5B–$67.0B (1–3% growth), including ~1% FX benefit.
Non-GAAP gross margin expected at ~82%; operating expenses $35.9–$36.9B, including a $9B one-time Cidara charge.
Non-GAAP EPS guidance: $5.00–$5.15, with a one-time $3.65–$3.95/share charge for the Cidara acquisition.
Headwinds of ~$2.5B from generic competition, IRA price setting, and lower Lagevrio sales expected.
$3B in share repurchases planned; continued commitment to dividend growth and disciplined business development.
WINREVAIR US net pricing decline drivers
US government agreement: tariff delay and reshoring
Quantify Cidara acquisition's 2026 EPS impact
Model KEYTRUDA IP run rate and QLEX ramp
MK-1406 ANCHOR trial interim data timing
Sac-TMT development strategy ambition
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Next Merck & Co earnings date
Q1 202630 Apr, 2026
Merck & Co
Next Merck & Co earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Over 130 Years of Experience in Healthcare
Merck & Co., commonly known as Merck, is a global pharmaceutical company that specializes in the development and manufacturing of prescription drugs, vaccines, biological therapies, and animal health products. With a storied history dating back over a century, Merck has established itself as a leading player in the healthcare industry. The company's portfolio of products spans various therapeutic areas, including cardiovascular, oncology, infectious diseases, and more.
In business for over a century
Since its establishment in 1891, Merck has played a significant role in advancing medical research and innovation and has a long history of notable contributions to healthcare. They have developed antibiotics like streptomycin, vaccines for diseases such as mumps and HPV, and antiretroviral therapies for HIV/AIDS treatment. Their advancements in cardiovascular medications and statins have significantly impacted heart disease management.
The company today
Today the company focuses on the development, manufacturing, and distribution of a diverse range of prescription drugs, vaccines, and biological therapies. With a commitment to scientific rigor, research, and providing products and medication that improve the lives of ill patients, Merck strives to address various health challenges and contribute to the well-being of individuals globally. Merck is far from being alone when it comes to publicly traded pharmaceutical companies, and some companies that operate in the same space include names such as Pfizer and Eli Lilly.
A diverse portfolio of medications
Merck & Co. develops and manufactures a wide range of medications. Their portfolio of products includes medications for cardiovascular diseases, such as hypertension and hyperlipidemia, as well as anticoagulants and antiplatelet agents. They also offer therapeutics for infectious diseases, including antibiotics, antifungals, and antiviral drugs. In oncology, Merck provides targeted therapies and immunotherapies for different types of cancer. Additionally, they offer medications for diabetes management, respiratory diseases, autoimmune disorders, and more. The company’s flagship medication is Keytruda, which enhances the body’s ability to fight certain types of cancers.
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