Merck & Co. stock: Q3 sales beat as 2026 outlook rises

Merck & Co. reported stronger third-quarter sales and raised its full-year 2026 adjusted earnings outlook on Thursday, October 29, according to the company’s financial results release. Worldwide sales reached 18.085 billion US dollars, up 5 percent from the year-earlier quarter and 4 percent excluding foreign-exchange effects.

Merck & Co. stock traded at 132.92 euros on Lang & Schwarz at 11:52 CEST on Friday, October 30, 2026. Investors were weighing the stronger operating performance against higher spending and the company’s exposure to patent-related pressure on established medicines.

Oncology anchors quarterly growth

KEYTRUDA and KEYTRUDA QLEX sales rose 6 percent to 8.601 billion US dollars. The newer subcutaneous formulation contributed 830 million US dollars. Merck said demand increased across earlier-stage indications, including triple-negative breast cancer, cervical cancer, head and neck cancer and bladder cancer, as well as metastatic indications.

WINREVAIR sales increased 93 percent to 694 million US dollars, supported by demand in the United States and launch uptake in international markets. Animal Health sales rose 4 percent to 1.676 billion US dollars, with growth in both livestock and companion-animal products.

Gardasil and Gardasil 9 sales advanced 14 percent to 1.995 billion US dollars. The company attributed the increase mainly to higher US public-sector purchasing and higher net pricing. Growth also benefited from the timing of purchases by approximately 550 million US dollars, an effect management expects to unwind in part in the fourth quarter and next year.

Profit outlook moves higher

GAAP earnings per share fell 12 percent to 2.04 US dollars, while adjusted earnings per share declined 3 percent to 2.49 US dollars. Both measures included a one-time charge of 0.12 US dollars per share related to Merck’s global license agreement with SciBrunch. Higher operating expenses, research spending, amortization and restructuring costs weighed on reported profitability.

Merck now expects full-year sales of 66.8 billion to 67.3 billion US dollars, compared with its previous range of 66.3 billion to 67.3 billion US dollars. The company raised its adjusted EPS range from 2.66 to 2.76 US dollars to 2.77 to 2.82 US dollars. The updated range includes one-time charges tied to the Cidara and Terns acquisitions and the SciBrunch agreement.

Management also expects a non-GAAP effective tax rate of 32 percent to 33 percent and operating expenses of 42.4 billion to 42.9 billion US dollars. The outlook assumes a positive foreign-exchange contribution of approximately 0.15 US dollars per share at mid-October exchange rates.

Pipeline progress offsets patent pressure

Chief executive Robert Davis said recent oncology advances, including Phase 3 data for sacituzumab tirumotecan and a therapeutic cancer vaccine developed with Moderna, strengthened Merck’s confidence in the longer-term pipeline. The company also highlighted regulatory progress for WELIREG, KEYTRUDA combinations and ENFLONSIA.

For investors, the quarter underlines the contribution from newer products as Merck manages declines in JANUVIA/JANUMET, BRIDION and LAGEVRIO after loss of market exclusivity or weaker demand. The raised outlook improves near-term visibility, but the earnings mix remains sensitive to launch execution, purchase timing and the pace of competition against mature medicines.

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US equities remain the relevant market backdrop for Merck & Co., alongside developments in the S&P 500.

More results, pipeline updates and analysis are available in more news and analyses on Merck & Co. stock.

Merck & Co. at a glance

• Company: Merck & Co., Inc.
• ISIN: US58933Y1055
• Ticker: MRK
• Home exchange: NYSE
• Lang & Schwarz quote: 132.92 euros at 11:52 CEST on October 30, 2026