Merck Raises 2026 Outlook After Quarterly Revenue Reaches $18.1 Billion
Key Facts
Merck reported on October 29 that third-quarter 2026 revenue reached $18.1 billion, while adjusted earnings were $2.49 per share, topping analysts’ estimates of $17.3 billion and $2.08 per share, according to figures cited by Reuters. The same day, the company raised its ranges for full-year sales and adjusted earnings per share, after setting its previous outlook in August. The results showed quarterly performance above market estimates, but part of the quarter’s growth was tied to the timing of drug purchases. Merck said about $550 million of the company’s growth during the period came from purchases completed earlier than expected. The standout figures included growth in Keytruda sales, alongside the overall increase in revenue.
Keytruda sales reached $8.6 billion in the third quarter, up 6% year over year and above analysts’ estimates of $8.0 billion, Reuters reported. Sales came in above market estimates, while Keytruda remained the largest single figure among the product details reported for the quarter. Merck, meanwhile, attributed about $550 million of company growth to drug purchases brought forward from their expected timing, a timing factor that supported quarterly figures. The results therefore combine Keytruda and revenue beating estimates with a contribution from purchases shifted into the quarter. The facts reported here do not include third-quarter figures for Winrevair or other products that would allow their contributions to be compared with Keytruda’s.
In its previous guidance, published on August 4, Merck forecast annual sales of $66.3 billion to $67.3 billion and adjusted earnings per share of $2.66 to $2.76. The outlook increase follows quarterly results that topped analysts’ estimates, while the available facts do not break out how much each product or the timing of purchases contributed to the annual guidance revision.
Second-quarter results provide a basis for comparison with the latest figures: Merck’s worldwide sales reached $16.607 billion, up 5% year over year, or 4% excluding the effect of foreign exchange, according to the company. Merck said pharmaceutical sales growth that quarter came mainly from oncology, along with cardiovascular and metabolic and respiratory products, partly offset by lower sales of diabetes drugs. The company also posted an adjusted loss of $0.13 per share in the second quarter, including a charge of $2.31 per share related to the acquisition of Terns. These figures relate to the previous period and do not, on their own, explain third-quarter results or the sources of the earnings beat. In the context of the company’s portfolio, Winrevair sales reached $588 million in the second quarter, up 75% year over year.
On October 26, Merck said results from the Phase 3 INTerpath-001 study would be presented in a presidential symposium at the ESMO 2026 Congress, in an update on its oncology program. This comes as investors track the company’s pipeline, alongside quarterly results that depend on Keytruda sales. Merck scheduled its fourth-quarter 2026 results call for February 2, 2027, according to its investor relations page. That is the next reporting date listed on the company’s calendar in the available information.