每经AI快讯，2月3日，默沙东股价盘前下跌2.5%，因2026年销售未达预期。 ...

格隆汇2月3日｜默沙东(MRK.US)预计2026年销售额为655亿至670亿美元，市场预计为675亿美元。 ...

本文源自：金融界AI电报 默沙东(MRK.N)盘前跌2.5%，其2026年销售额指引不及市场预期。 ...

Sales Performance - Total sales for 2025 reached $65,011 million, a 5% increase compared to $64,168 million in 2024[2] - Total sales for Q4 2025 reached $16,400 million, a 5% increase from $15,624 million in Q4 2024[11] - Global pharmaceutical sales increased to $65,011 million in 2025 from $58,142 million in 2024, representing a growth of 12%[20] - Pharmaceutical sales for 2025 reached $58,142 million, a 1% increase from $57,400 million in 2024[27] - U.S. pharmaceutical sales were $36,510 million in 2025, up from $34,409 million in 2024, an increase of 6%[20] - International pharmaceutical sales decreased to $28,501 million in 2025 from $31,891 million in 2024, a decline of 11%[20] Income and Expenses - Net income attributable to Merck for 2025 was $17,117 million, down 21% from $18,254 million in 2024[2] - Earnings per share assuming dilution for 2025 was $6.74, a decrease of 20% compared to $7.28 in 2024[2] - Income before taxes for 2025 was $19,936 million, a 6% increase from $19,936 million in 2024[2] - Research and development expenses decreased by 12% to $17,938 million in 2025 from $15,789 million in 2024[2] - Selling, general and administrative expenses for 2025 were $10,733 million, a slight decrease of 1% from $10,816 million in 2024[2] - Restructuring costs for 2025 totaled $889 million, with a significant increase from $309 million in 2024[2] Tax and Interest - The tax rate for 2025 was 14.1%, compared to 13.3% in 2024[2] - Interest income for 2025 was reported at $(343) million, an improvement from $(415) million in 2024[30] - Total interest expense for 2025 was $1,357 million, compared to $1,271 million in 2024[30] - Exchange losses increased to $323 million in 2025 from $227 million in 2024[30] - The total net periodic defined benefit plan cost for 2025 was $(615) million, slightly improved from $(633) million in 2024[30] Product Sales Breakdown - Pharmaceutical sales were $14,843 million in Q4 2025, up 6% from $14,042 million in Q4 2024[11] - Keytruda sales increased by 6% to $8,337 million in Q4 2025, compared to $7,836 million in Q4 2024[11] - Alliance revenue from Lynparza grew by 7% to $389 million in Q4 2025, up from $365 million in Q4 2024[11] - Total vaccines sales decreased to $2,364 million in Q4 2025, down 12% from $2,693 million in Q4 2024[15] - Total diabetes sales increased to $579 million in Q4 2025, a 6% rise from $546 million in Q4 2024[17] - Animal health sales increased by 8% to $1,505 million in Q4 2025, up from $1,397 million in Q4 2024[11] - The company reported a 37% increase in Welireg sales, reaching $220 million in Q4 2025, compared to $160 million in Q4 2024[11] - Dificid sales dropped by 68% to $25 million in Q4 2025, down from $79 million in Q4 2024[11] - Keytruda sales rose to $31,641 million in 2025, up from $29,482 million in 2024, marking an increase of 7%[20] - Total vaccines sales decreased to $10,711 million in 2025 from $13,448 million in 2024, reflecting a decline of 20%[23] - Total diabetes sales increased to $2,862 million in 2025, compared to $2,599 million in 2024, showing a growth of 10%[24] - Alliance revenue for Koselugo reached $436 million in 2025, up from $170 million in 2024, indicating a significant increase of 156%[24] - Other revenues from third-party manufacturing and miscellaneous corporate activities were $138 million in 2025, compared to $106 million in 2024, representing a growth of 30%[25] - Sales of Gardasil/Gardasil 9 dropped significantly to $5,233 million in 2025 from $8,583 million in 2024, a decrease of 39%[20] - Winrevair sales surged to $1,443 million in 2025 from $419 million in 2024, reflecting a substantial increase of over 200%[20] - Sales in Japan decreased by 18% year-over-year, with 2025 sales at $2,632 million compared to $3,199 million in 2024[27] - Sales in China dropped significantly by 66%, totaling $1,816 million in 2025 compared to $5,394 million in 2024[27] - Gardasil/Gardasil 9 sales in China were $193 million in 2025, a significant decline from $1,253 million in 2024[28]

默沙东股价盘前下跌2.5%，因2026年销售未达预期。 来源：滚动播报 ...

Core Viewpoint - Merck reported an increase in revenue for its fourth quarter but anticipates a slowdown in earnings growth due to increased acquisition activities [1] Group 1 - Merck's revenue for the fourth quarter showed a positive trend, indicating strong sales performance [1] - The company is actively pursuing acquisitions, which is expected to impact its earnings growth negatively in the near term [1] - The strategic focus on acquisitions suggests a shift in the company's growth strategy, potentially leading to long-term benefits despite short-term earnings pressure [1]

Core Viewpoint - Merck & Co has projected 2026 sales and profits to be below Wall Street estimates due to the anticipated impact of losing patent exclusivity on its diabetes drug Januvia and other medications, which is expected to be more significant than analysts had previously estimated [1] Group 1 - The loss of patent exclusivity on Januvia is a major factor contributing to the forecasted decline in sales and profits [1] - Analysts had previously underestimated the impact of patent expirations on Merck's financial performance [1] - The company is facing challenges from increased competition in the diabetes medication market following the expiration of patents [1]

Core Viewpoint - Merck reported strong fourth-quarter earnings driven by demand for its cancer immunotherapy Keytruda, but provided a modest 2026 outlook that fell short of Wall Street expectations due to upcoming patent expirations and generic competition [1][2]. Financial Performance - For the fourth quarter, Merck posted net income of $2.96 billion, or $1.19 per share, compared to $3.74 billion, or $1.48 per share, in the same period last year [4]. - Adjusted earnings for the fourth quarter were $2.04 per share, slightly above the expected $2.01 per share [6]. - Revenue for the quarter was $16.4 billion, a 5% increase from the previous year, and exceeded expectations of $16.19 billion [5][6]. 2026 Outlook - Merck anticipates 2026 revenue between $65.5 billion and $67 billion, lower than analysts' expectations of $67.6 billion [2]. - The company expects adjusted earnings per share to be between $5 and $5.15, compared to the analyst estimate of $5.36 [2]. Acquisition and Charges - The 2026 guidance includes a one-time charge of approximately $9 billion, or around $3.65 per share, related to the acquisition of Cidara, which is developing a flu prevention drug [3]. Cost Management - Merck is implementing a cost-cutting plan aimed at reducing expenses by $3 billion by the end of 2027 to offset revenue losses from the upcoming patent expiration of Keytruda in 2028 [5]. Drug Pricing Deal - Under a "most favored nation" deal, Merck will sell existing treatments to Medicaid patients at the lowest price offered in other developed nations and will receive a three-year reprieve from tariffs [4].

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