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].

In this article7974.T-JPTOPSHOT - A Super Mario character is pictured at a Nintendo display ahead of the launch of the company's Switch 2 console, an electronics store in the city of Nagoya, Aichi prefecture on June 2, 2025.Richard A. Brooks | Afp | Getty ImagesThe Switch has become Nintendo's best-selling console of all time, nearly nine years after its release. The device's importance to the Japanese gaming giant cannot be understated. Ahead of the Switch's release in March 2017, Nintendo was coming off t ...

Vancouver, British Columbia - February 3, 2026 ‑ TheNewswire – Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold” or the “Company”) announces that it has met the required exploration expenditure obligation of $1,250,000 through its 2025 exploration program in the Northern and Central portion of the Mosseau property, its flagship property in the Urban Barry Belt in Quebec’s Abitibi region.Harvest Gold President and CEO, Rick Mark, states: “We have come a long way in the last 18 months and are now in an exc ...

Core Insights - Merck & Co., Inc. reported financial results for Q4 and full year 2025, highlighting a 5% increase in Q4 sales to $16.4 billion and a 1% increase in full-year sales to $65.0 billion, driven by strong demand for its innovative portfolio, particularly KEYTRUDA and new product launches [3][11][14] Financial Performance - Q4 2025 sales reached $16.4 billion, up from $15.6 billion in Q4 2024, marking a 5% increase [3] - Full-year sales for 2025 were $65.0 billion, compared to $64.2 billion in 2024, reflecting a 1% growth [11] - Non-GAAP EPS for Q4 2025 was $2.04, a 19% increase from $1.72 in Q4 2024, while full-year non-GAAP EPS was $8.98, up 17% from $7.65 in 2024 [30][11] Product Performance - KEYTRUDA sales in Q4 2025 were $8.4 billion, a 7% increase from $7.8 billion in Q4 2024, driven by strong global uptake in oncology [7] - GARDASIL sales declined by 34% in Q4 2025 to $1.0 billion, primarily due to lower demand in China and Japan [7] - Animal Health sales grew by 8% in 2025 to $6.4 billion, supported by higher demand for livestock products [16] Strategic Developments - The company completed the acquisition of Cidara Therapeutics for approximately $9.2 billion, enhancing its portfolio [37] - Merck announced positive late-stage trial results from 18 Phase 3 trials and initiated 21 new Phase 3 studies across various therapeutic areas [33] Regulatory and Pipeline Updates - The FDA approved KEYTRUDA and KEYTRUDA QLEX for the perioperative treatment of muscle-invasive bladder cancer [33] - The company is advancing its pipeline with significant regulatory milestones and ongoing studies in oncology, infectious diseases, and cardiometabolic areas [33][36] Future Outlook - For full-year 2026, Merck anticipates sales between $65.5 billion and $67.0 billion, with a non-GAAP effective tax rate expected between 23.5% and 24.5% [41][45] - Non-GAAP EPS for 2026 is projected to be between $5.00 and $5.15, including a one-time charge related to the acquisition of Cidara [46]

Core Insights - The Travel Vaccines Market is projected to grow from USD 5.22 billion in 2025 to USD 10.69 billion by 2033, with a CAGR of 9.37% from 2026 to 2033, driven by international tourism, business travel, and increased awareness of vaccine-preventable diseases [1][6]. Market Size and Forecast - The U.S. Travel Vaccines Market is expected to grow from USD 1.42 billion in 2025 to USD 2.49 billion by 2033, at a CAGR of 7.32%, supported by outbound travel to emerging economies and increased vaccination services [4]. - The overall Travel Vaccines Market is anticipated to expand significantly, with a base year of 2025 and a forecast period from 2026 to 2033 [6]. Government Initiatives and Immunization Programs - Public health agencies globally are promoting vaccination to prevent diseases like yellow fever and hepatitis among travelers, enhancing vaccine uptake through national immunization policies and partnerships with travel agencies [5]. Market Segmentation Analysis - By Disease Type: Influenza dominates the market with a 38.50% share in 2025, expected to rise to 41.50% by 2033, while the "others" category is the fastest-growing segment, increasing from 10.38% to 12.63% [9]. - By Booking Channel: Online booking leads with a 59.75% market share in 2025, projected to grow to 70.25% by 2033, reflecting the trend towards digital healthcare solutions [10]. - By Tourist Type: Domestic travelers hold 61.13% of the market in 2025, but their share is expected to decrease to 55.88% by 2033, while international travelers will grow from 38.88% to 44.13% [11]. Regional Insights - North America holds the largest share of the Travel Vaccines Market at 41.13% in 2025, driven by strong healthcare systems and vaccination programs [15]. - The Asia Pacific region is the fastest-growing market, with a CAGR of 2.57%, fueled by increased travel and improved healthcare infrastructure [16]. Competitive Landscape - Major companies in the Travel Vaccines Market include GlaxoSmithKline, Merck & Co., Sanofi, and Pfizer, among others, indicating a competitive environment with significant R&D investments [13].