Merck Reports Strong 2025 Q4 Results but Issues Modest 2026 Outlook

Merck & Co. announced its fourth-quarter 2025 earnings on Tuesday, reporting better-than-expected revenue and profits. The strong results were driven by high demand for its cancer immunotherapy drug Keytruda and newer products.

Despite the positive results for 2025, Merck provided a 2026 sales and profit forecast that was lower than what analysts had predicted. The company expects slower earnings growth as some of its major drugs, including the diabetes treatment Januvia, lose patent protection and face competition from generic versions.

Merck also noted that it is increasing spending on acquisitions, which may further impact its earnings growth in the near term. The company's stock declined following the release of its 2026 outlook.

Merck's stock fell because its forecast for 2026 sales and profits was lower than what investors and analysts had expected.

Merck highlighted that its diabetes drug Januvia and other medicines will lose patent exclusivity and face generic competition.

Merck's revenue growth is mainly driven by strong demand for its cancer drug Keytruda and newer products.

Merck expects slower earnings growth as it spends more on acquiring other companies and products.

24/7 Wall Street

Merck & Co. reports Q4 2025 earnings on Tuesday, Feb. 3, 2026, before market open.

WSJ

Merck recorded higher revenue in its fourth quarter, but expects earnings growth to slow as it ramps up acquisitions.

Reuters

Merck & Co on Tuesday forecast 2026 sales and profits below Wall Street estimates as the loss of patent exclusivity on diabetes drug Januvia and other medicines will hit harder than analysts are projecting.

CNBC

Merck reported fourth-quarter earnings and revenue that topped estimates on strong demand for its cancer immunotherapy Keytruda and some newer products. But Merck posted a modest 2026 outlook that fell short of Wall Street's expectations, as the company prepares for a few drugs to lose patent prote...

Market Watch

Merck's stock falls as the full-year revenue and profit outlooks were below expectations.

Barrons

Merck says 2026 earnings will take a hit due to its pending takeover of Cidara Therapeutics.

Invezz

Merck closed the fourth quarter with earnings and revenue ahead of Wall Street estimates, supported by strong demand for its blockbuster cancer drug Keytruda and accelerating sales from newer medicines. The performance, however, was tempered by guidance for 2026 that landed below expectations, refle...

Investors Business Daily

Merck quashed fourth-quarter expectations Tuesday, but the Dow Jones health giant issued lackluster expectations for 2026.

Zacks Investment Research

Merck (MRK) came out with quarterly earnings of $2.04 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to earnings of $1.72 per share a year ago.

Proactive Investors

Merck & Co Inc (NYSE:MRK, XETRA:6MK) shares fell 2% at Tuesday's opening bell after the drugmaker issued a 2026 outlook that came in below Wall Street expectations, overshadowing a fourth-quarter earnings and revenue beat. Merck forecast 2026 revenue of $65.5 billion to $67.0 billion, compared with...

Benzinga

Merck & Co., Inc. (NYSE: MRK) on Tuesday reported its fourth-quarter adjusted earnings per share of $2.04, surpassing consensus estimates of $2.01, a jump from $1.72 a year ago.

Zacks Investment Research

Although the revenue and EPS for Merck (MRK) give a sense of how its business performed in the quarter ended December 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Zacks Investment Research

Merck tops Q4 EPS and sales estimates as Keytruda drives growth, but shares fall in pre-market trading as 2026 guidance disappoints.

Seeking Alpha

Merck & Co., Inc. (MRK) Q4 2025 Earnings Call Transcript

Zacks Investment Research

Merck KGaA (MKKGY) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

Reuters

GSK on Wednesday forecast sales growth to slow in 2026 in the first outlook presented by new CEO Luke Miels as the drugmaker shifts focus on expanding its pipeline to counter looming patent expiries for its top-selling HIV drugs.

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