Q3 25 EPS
$2.58
BEAT +9.85%
Est. $2.35
Q3 25 Revenue
$17.28B
BEAT +1.76%
Est. $16.98B
vs S&P Since Q3 25
+26.1%
BEATING MARKET
MRK +32.1% vs S&P +6.0%
Market Reaction
Did MRK Beat Earnings? Q3 2025 Results
Merck posted a convincing third-quarter beat, with non-GAAP EPS of $2.58 coming in 9.85% above the $2.35 consensus estimate and revenue of $17.28 billion edging past expectations by 1.76% on 3.7% year-over-year growth. The primary engine behind the q… Read more Merck posted a convincing third-quarter beat, with non-GAAP EPS of $2.58 coming in 9.85% above the $2.35 consensus estimate and revenue of $17.28 billion edging past expectations by 1.76% on 3.7% year-over-year growth. The primary engine behind the quarter was KEYTRUDA, which generated $8.14 billion in sales, up 10%, as demand broadened across both metastatic and earlier-stage cancer indications, while WINREVAIR's 141% surge to $360 million underscored the strength of Merck's cardio-pulmonary buildout. A significant regulatory milestone, the FDA approval of KEYTRUDA's subcutaneous formulation as the first deliverable in as little as one minute, added strategic momentum and drew a notable positive market reaction. GARDASIL remained a drag, sliding 24% to $1.75 billion largely due to China demand falling to zero. Looking ahead, Merck raised and narrowed its full-year 2025 non-GAAP EPS guidance to $8.93 to $8.98 and tightened its revenue outlook to $64.50 billion to $65.00 billion, reflecting operational improvements and a more favorable estimated tax rate.
Key Takeaways
- • KEYTRUDA growth of 10% driven by strong global demand across metastatic indications and robust uptake in earlier-stage indications
- • WINREVAIR sales growth of 141% reflecting continued U.S. uptake for PAH
- • CAPVAXIVE sales of $244 million representing continued uptake since Q3 2024 U.S. launch
- • Animal Health growth of 9% driven by livestock product performance with 16% growth
- • GARDASIL/GARDASIL 9 decline of 24% primarily due to lower demand in China
- • Non-GAAP gross margin expansion to 81.9% from 80.5% driven by favorable product mix
- • U.S. pharmaceutical sales grew 15% year-over-year
- • JANUVIA/JANUMET grew 29% driven by higher net pricing in the U.S.
- • WELIREG grew 42% driven by higher demand in U.S. and launch uptake in European markets
MRK YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MRK Revenue by Segment
With YoY comparisons, source: SEC Filings
MRK Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the third quarter, we continued to execute on our strategy with important pipeline advancements, significant approvals and successful new product launches.”
— Robert M. Davis, Q3 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% |