EarningsQ2 2026 Earnings Report
MX:MRK Q2 2026 EPS Results
Actual EPS-$2.36
Consensus EPS-$4.90
Beat/MissBeat by +$2.54
One Year Ago EPS$38.68
MX:MRK Q2 2026 Revenue Results
Actual Revenue$301.10B
Expected Revenue$297.27B
Beat/MissBeat by +$3.83B
YoY Revenue Growth+4.94%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:MRK Upcoming Earnings
Merck & Company's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MRK Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive commercial and scientific story: core revenue growth (Q2 +5%), several strong product performances (KEYTRUDA, WELIREG, WINREVAIR), meaningful vaccine and pneumococcal momentum, multiple important regulatory approvals and positive Phase III readouts (LIPFENDRA approval, sac-TMT, tulisokibart induction, islatravir combos), and raised/narrowed revenue guidance. Offsetting these positives are material one-time charges from the Terns acquisition that produced a GAAP loss and drove a volatile tax rate, margin and expense pressure, one clinical setback (SSc-ILD), and some near-term commercial headwinds (OHTUVAYRE unwind, moderating KEYTRUDA U.S. growth). Overall, management emphasized pipeline derisking, continued launches, and long-term opportunity, while acknowledging short-term impacts from the acquisition and inventory/reserve dynamics.Company Guidance
Revenue Growth and Raised Guidance
Q2 total revenue of $16.6 billion, up 5% (4% ex-FX). Company raised and narrowed 2026 non-GAAP revenue guidance to $66.3B–$67.3B, representing growth of 2%–4% (including ~1 ppt FX tailwind).
KEYTRUDA Franchise Strength
KEYTRUDA family sales of $8.4 billion, up 4% year-over-year, driven by uptake in earlier-stage cancers and metastatic indications; KEYTRUDA QLEX sales $463 million with increasing adoption since permanent J-code in April.
Strong Performance from Select Oncology & Respiratory Launches
WELIREG sales grew 67% to $271 million (international launch uptake and increased U.S. use); WINREVAIR global sales grew 75% to $588 million driven by demand in pulmonary arterial hypertension; sac-TMT reported positive Phase III TroFuse-005 results with statistically significant OS and PFS improvements in certain advanced/recurrent endometrial cancer.
Vaccines and Infectious Disease Momentum
GARDASIL sales $1.2 billion, up 3% (international +6%, U.S. roughly flat); pneumococcal CAPVAXIVE sales $184 million, up 40% driven by international launches and higher U.S. demand.
HIV Pipeline and Launch Progress
Launched IDVYNSO (once-daily doravirine/islatravir) with encouraging early access/reimbursement progress; ISLEND Phase III (islatravir + lenacapavir) demonstrated maintenance of virologic suppression and supports potential first oral once-weekly HIV regimen; ongoing Phase III programs for monthly PrEP candidate alimatravir.
Major Regulatory Approval — LIPFENDRA
FDA approval of LIPFENDRA, the first oral PCSK9 inhibitor; CORALreef trial showed up to 60% LDL reduction when added to statin; additional regulatory reviews underway in EU and China.
Pipeline Derisking and Business Development
Multiple meaningful clinical and regulatory milestones materializing earlier than anticipated (sac-TMT, tulisokibart, islatravir combos), and completion of Terns acquisition to add MK-4208 and strengthen hematology pipeline, supporting management's $70B commercial opportunity thesis from >20 new products.
Animal Health and Product Diversification
Animal Health sales grew 5% (livestock +6%, companion animal +5%), demonstrating diversification beyond human pharmaceuticals and contribution from new product launches.
MX:MRK Earnings History
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