Merck & Co. Reveals Third-Quarter 2025 Financial Results
Merck & Co. reported its financial results for the third quarter of 2025, showcasing a robust performance amid a competitive landscape. The company recorded worldwide sales of $17.3 billion, which marks a 4% increase compared to the same period in 2024. Notably, after adjusting for foreign exchange impacts, sales growth was 3%.
Third Quarter Performance Highlights
- KEYTRUDA Sales: Sales for KEYTRUDA increased by 10% to $8.1 billion. This growth is primarily attributed to strong global demand for its use in various cancer treatments.
- WINREVAIR Sales: WINREVAIR saw significant growth of 141%, reaching $360 million.
- GARDASIL Sales: Sales of GARDASIL and GARDASIL 9 fell 24% to $1.7 billion, primarily due to a decrease in demand in China.
- Animal Health Segment: Animal health sales grew by 9% to $1.6 billion.
During the third quarter, Merck achieved a GAAP earnings per share (EPS) of $2.32 and a non-GAAP EPS of $2.58. The financial results included a one-time milestone payment of $0.10 per share paid to LaNova Medicines for technology transfer related to MK-2010.
Innovations and Acquisitions
The company announced the FDA approval of KEYTRUDA QLEX injection for subcutaneous use, enhancing its positioning in the oncology market. Additionally, Merck completed the acquisition of Verona Pharma, bringing OHTUVAYRE, a COPD maintenance treatment, into its portfolio.
Updated Financial Outlook
Merck has raised its full-year 2025 worldwide sales forecast to between $64.5 billion and $65.0 billion. It has also narrowed its non-GAAP EPS range to between $8.93 and $8.98.
Key Developments in Clinical Pipeline
At the European Society for Medical Oncology (ESMO) Congress 2025, Merck presented research outcomes from over 20 cancer types, including positive survival data from the KEYNOTE-905 trial. Furthermore, the company reported promising topline results from the Phase 3 CORALreef Lipids trial for the treatment of adults with hypercholesterolemia.
Overall, Merck’s performance in Q3 2025 reflects its commitment to advancing medication innovation while ensuring sustainable growth. The company’s strategic investments and recent approvals underscore its position as a leader in the biopharmaceutical sector.
