Q1 25 EPS
$2.22
BEAT +3.98%
Est. $2.14
Q1 25 Revenue
$15.53B
BEAT +1.29%
Est. $15.33B
vs S&P Since Q1 25
+16.5%
BEATING MARKET
MRK +48.4% vs S&P +31.8%
Market Reaction
Did MRK Beat Earnings? Q1 2025 Results
Merck kicked off 2025 with a solid first-quarter beat, posting non-GAAP EPS of $2.22 against a consensus estimate of $2.13, a 3.98% beat, while revenue of $15.53 billion edged past the $15.33 billion estimate despite a 1.6% year-over-year decline. Th… Read more Merck kicked off 2025 with a solid first-quarter beat, posting non-GAAP EPS of $2.22 against a consensus estimate of $2.13, a 3.98% beat, while revenue of $15.53 billion edged past the $15.33 billion estimate despite a 1.6% year-over-year decline. The headline story was a tale of two franchises: KEYTRUDA continued its steady expansion, growing 4% to $7.21 billion on broader uptake across earlier-stage cancer indications, while GARDASIL sales collapsed 41% to $1.33 billion as China demand cratered from $1.25 billion to just $193 million. WINREVAIR provided a meaningful counterweight, generating $280 million in its first full comparable quarter, and its Phase 3 ZENITH trial was halted early after showing a 76% reduction in a key composite endpoint. Merck maintained its full-year 2025 revenue outlook of $64.10 billion to $65.60 billion, though it trimmed non-GAAP EPS guidance to $8.82 to $8.97, reflecting a one-time charge tied to a new Hengrui Pharma licensing deal and roughly $200 million in anticipated tariff headwinds. Separately, Merck is investing $1 billion in a new Delaware biologics facility to support long-term KEYTRUDA manufacturing capacity.
Key Takeaways
- • KEYTRUDA growth driven by increased global uptake in earlier-stage indications including triple-negative breast cancer, renal cell carcinoma, and non-small cell lung cancer
- • WINREVAIR continued strong uptake since second-quarter 2024 U.S. launch
- • GARDASIL/GARDASIL 9 declined 41% primarily due to lower demand in China
- • Animal Health growth driven by higher demand for Livestock products and inclusion of Elanco aqua business acquired July 2024
- • JANUVIA/JANUMET grew 19% due to higher net pricing in the U.S.
- • WELIREG grew 62% driven by higher demand in the U.S.
- • PREVYMIS grew 19% driven by higher demand in the U.S.
- • Favorable product mix improved gross margins
- • Foreign exchange had approximately 1% negative impact on sales
MRK YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MRK Revenue by Segment
With YoY comparisons, source: SEC Filings
MRK Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our company made strong progress to start the year, with increasing contributions from our newer commercialized medicines and vaccines and continued advancement of our pipeline.”
— Robert M. Davis, Q1 2025 Earnings Press Release
MRK Earnings Trends
MRK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MRK EPS Trend
Earnings per share: estimate vs actual
MRK Revenue Trend
Quarterly revenue: estimate vs actual
MRK Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-1.28 | — | $16.29B | +2.77% |
| Q4 25 BEAT FY | $2.01 | $2.04 | +1.47% | $16.40B | +1.43% |
| FY Full Year | $8.94 | $8.98 | +0.49% | $65.01B | +0.36% |
| Q3 25 BEAT | $2.35 | $2.58 | +9.85% | $17.28B | +1.76% |
| Q2 25 BEAT | $2.03 | $2.13 | +5.04% | $15.81B | -0.42% |
| Q1 25 BEAT | $2.14 | $2.22 | +3.98% | $15.53B | +1.29% |