Merck & Co. said it is embarking on a multi-year cost-savings plan, which includes cuts to its workforce and real-estate footprint, as it looks to redirect resources toward new product launches https://t.co/gQWPZmFBvq ...

Core Insights - The total revenue of the 2025 Fortune Global 500 companies reached approximately $41.7 trillion, accounting for over one-third of the global GDP, with a year-on-year growth of about 1.8% [1] - The net profit of these companies increased by approximately 0.4% year-on-year, totaling around $2.98 trillion, marking the highest asset and net asset totals since the inception of the Fortune Global 500 list [1] Group 1: Top Companies - Walmart has maintained its position as the largest company globally for the twelfth consecutive year, followed by Amazon, State Grid Corporation of China, Saudi Aramco, and China National Petroleum [3] - Walmart's first-quarter revenue for the period ending April 30, 2025, was $165.6 billion, a 2.5% increase from $161.5 billion in the same period last year, with a net sales figure of $164 billion [4] Group 2: Energy Sector - State Grid Corporation of China ranked third in the Fortune Global 500 for the second consecutive year, recognized for its leading technology in ultra-high voltage transmission and smart grid systems [6] - China Petroleum and Chemical Corporation ranked sixth, while Shandong Gold Group was the only new Chinese company to make the list, ranking 465th, benefiting from a significant increase in gold prices [6] Group 3: Pharmaceutical Companies - Among the 50 most profitable companies, three are pharmaceutical firms: Merck, Novo Nordisk, and Johnson & Johnson, with Merck's profit increasing significantly by 45.9 times due to the sales of its PD-1 product, Keytruda [8][9] - Novo Nordisk's profit grew by 20.6%, driven by the sales of its GLP-1 receptor agonist products, which reached $29.3 billion in 2024, a 38% increase [9][10] - The total number of pharmaceutical companies in the 2025 list increased to 15, with Amgen being the new entrant, while Guangzhou Pharmaceutical Group was the only Chinese pharmaceutical company included [11]

Core Insights - Merck reported $15.81 billion in revenue for Q2 2025, reflecting a year-over-year decline of 1.9% and an EPS of $2.13, down from $2.28 a year ago, with a slight revenue surprise of -0.02% against estimates [1] - The consensus EPS estimate was $2.01, resulting in an EPS surprise of +5.97% [1] Financial Performance Metrics - Merck's stock has returned +6.2% over the past month, outperforming the Zacks S&P 500 composite's +3.6% [3] - The company holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Sales Performance by Product - Keytruda (Oncology) U.S. sales reached $4.75 billion, exceeding the average estimate of $4.67 billion, with a year-over-year increase of +7.6% [4] - Keytruda (Oncology) International sales were $3.21 billion, surpassing the $3.16 billion estimate, marking a +12.2% year-over-year change [4] - Janumet (Diabetes) U.S. sales were $68 million, significantly above the $45.63 million estimate, reflecting a +300% year-over-year increase [4] - Lynparza (Oncology) U.S. alliance revenue was $174 million, exceeding the $140.82 million estimate, with a +13.7% year-over-year change [4] - Lynparza (Oncology) international alliance revenue reached $370 million, surpassing the $321.44 million estimate, representing a +16.7% year-over-year increase [4] - Winrevair (Cardiovascular) sales were $336 million, slightly below the $343.79 million estimate [4] - Lenvima (Oncology) alliance revenue was $265 million, exceeding the $244.01 million estimate, with a +6.4% year-over-year change [4] - Keytruda (Oncology) total sales were $7.96 billion, slightly above the $7.9 billion estimate, reflecting a +9.4% year-over-year change [4] - Animal health sales reached $1.65 billion, exceeding the $1.55 billion estimate, with an +11.1% year-over-year increase [4] - Gardasil (Vaccines) sales were $1.13 billion, below the $1.3 billion estimate, showing a -54.6% year-over-year decline [4] - Welireg (Oncology) sales were $162 million, exceeding the $154.16 million estimate [4] - Lagevrio (Virology) sales were $83 million, surpassing the $55.63 million estimate, but reflecting a -24.6% year-over-year decline [4]

（文章来源：华尔街见闻） 默克制药：公司预计，美国总统特朗普15%医药关税在2025年造成的"影响偏低"。 ...

Core Viewpoint - Merck's (MRK.US) stock experienced a significant decline of approximately 8.8%, reaching a low of $76.67, following disappointing second-quarter earnings results [1] Financial Performance - Merck reported a 2% year-over-year decrease in revenue, totaling $15.81 billion, which was slightly below analyst expectations of $15.9 billion [1] - The adjusted earnings per share were $2.17, surpassing analyst forecasts of $2.02 [1] Product Sales - Sales of the HPV vaccine Gardasil plummeted by 55%, primarily due to stagnant demand in the Chinese market and weakened demand in Japan [1] - Excluding China, Gardasil sales still saw a decline of 3% [1] Supply Chain and Future Plans - The company announced an extension of the suspension of HPV vaccine supplies to China until the end of 2025, a significant delay from the earlier expectation of resuming supplies mid-year [1] - Merck plans to cut annual spending by $3 billion and will reduce positions in administrative, sales, and research departments [1]

Financial Data and Key Metrics Changes - The company reported total revenues of $15.8 billion, a decrease of 2% both nominally and excluding foreign exchange impact [17] - Earnings per share were $2.13, with gross margin at 82.2%, an increase of 1.3 percentage points driven by favorable product mix [24][23] - The company expects full year revenue for 2025 to be between $64.3 billion and $65.3 billion, representing growth of 1% to 2% [26] Business Line Data and Key Metrics Changes - Oncology sales, particularly from Keytruda, increased by 9% to $8 billion, driven by robust demand for metastatic indications [18] - Sales of Gardasil decreased by 55% to $1.1 billion, primarily due to a decline in China [19] - The Animal Health business saw an 11% increase in sales, reflecting higher demand across all species [22] Market Data and Key Metrics Changes - Global growth excluding Gardasil in China was 7%, primarily driven by strength in oncology and animal health [17] - In the U.S., Vaxnuvance sales increased by 20%, benefiting from CDC stockpile activity [20] - The company anticipates a more significant headwind to growth in Japan for Gardasil in the second half of the year [28] Company Strategy and Development Direction - The company is focusing on a multi-year optimization initiative to redirect $3 billion of cost savings from lower growth areas to higher potential areas [25] - The acquisition of Verona Pharma is expected to enhance the cardiopulmonary program and reflects the company's commitment to transformative science [12] - The company aims to leverage its scientific expertise to deliver the next wave of innovations that can save and improve lives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in 2025 and highlighted the strong clinical momentum and new product launches [9] - The company is entering a period of rapid transformation, with a diversified pipeline and over 20 new growth drivers [14] - Management acknowledged challenges in the Chinese market for Gardasil but remains focused on new product launches to drive growth [28] Other Important Information - The FDA approved Inflonsia for RSV prevention in infants, marking a significant milestone for the company [38] - The company is conducting over 80 phase three studies across various therapeutic areas, indicating strong clinical development activity [10] Q&A Session Summary Question: Context for outcomes in the Cadence trial - Management indicated that the most important signal for success is the PVR, with the six-minute walk also being important [52] Question: Market size for Winrevir and ex-U.S. strategy - Management noted that the patient population for Winrevir is underdiagnosed, and they expect growth in the ex-U.S. market as reimbursements come in [64] Question: $3 billion restructuring announcement - Management clarified that the $3 billion is a reallocation of resources from slower growth areas to fund faster-growing segments, with an expectation of overall growth in spending [70][72] Question: Gardasil demand dynamics and ACIP recommendations - Management expressed confidence in Gardasil's safety and efficacy but noted the high evidentiary standard set by the FDA for any changes in dosing recommendations [77] Question: Diligence in assets between Chinese and Western companies - Management emphasized a high standard for diligence regardless of the origin of the assets, highlighting the strategic advantage of the Verona acquisition [86] Question: Progress on Winrevir and patient adoption - Management reported steady growth in patient adds for Winrevir and increasing adoption among less severe patients [96]

Financial Data and Key Metrics Changes - The company reported total revenues of $15.8 billion, a decrease of 2% both nominally and excluding foreign exchange impact [16] - Earnings per share were $2.13, reflecting strong fundamentals despite revenue decline [23] Business Line Data and Key Metrics Changes - Oncology sales, particularly from Keytruda, increased by 9% to $8 billion, driven by robust demand in both US and international markets [17] - Sales of Gardasil decreased by 55% to $1.1 billion, primarily due to a decline in China [18] - Winrevir achieved global sales of $336 million, with cumulative sales exceeding $1 billion in just over a year since launch [20] - The Animal Health business saw an 11% increase in sales, reflecting higher demand across all species [21] Market Data and Key Metrics Changes - Global growth, excluding Gardasil sales in China, was 7%, driven by strength in oncology and animal health [16] - The company noted that Gardasil channel inventories in China remain elevated, with soft demand impacting sales [28] Company Strategy and Development Direction - The company announced a multi-year optimization initiative to redirect $3 billion in cost savings from lower growth areas to higher potential areas [25] - The acquisition of Verona Pharma is expected to enhance the cardiopulmonary program and reflects the company's commitment to transformative science [10][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in 2025, supported by new product launches and a strong pipeline [7][26] - The company anticipates challenges in the second half of the year, particularly with Gardasil in Japan and China [28] Other Important Information - The company is conducting over 80 phase three studies across various therapeutic areas, indicating strong clinical momentum [8] - The FDA approved Inflonsia for RSV prevention in infants, marking a significant milestone for the company [9] Q&A Session Summary Question: Context for Cadence outcomes - Management indicated that the most important signal for success in the Cadence study is the PVR, with the six-minute walk also being significant [51][52] Question: Ex-US uptake of Winrevir - Management noted that growth in the ex-US market is expected to accelerate in the second half of the year, with recent approvals in Japan [61][62] Question: Impact of $3 billion restructuring - Management clarified that the $3 billion will be reinvested into high-potential areas, with a focus on funding the pipeline and commercial launches [67][69] Question: Gardasil demand dynamics - Management expressed confidence in Gardasil's safety and efficacy, but noted challenges in the CDC purchasing dynamics and soft demand in China [72][78] Question: Valuation for Chinese partner Lenovo - Management confirmed that the Lenovo program is progressing as planned, with no issues reported [88][89]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Group 1 - The healthcare sector in the US stock market experienced a collective decline [1] - Novo Nordisk saw a drop of over 19% [1] - Merck declined by more than 8% [1] - Eli Lilly fell by over 5% [1]

Group 1: Global Rankings and Financial Performance - The total revenue of the world's top 500 companies reached approximately $41.7 trillion, accounting for over one-third of global GDP, with a year-on-year growth of about 1.8% [1] - The net profit of all listed companies increased by approximately 0.4% to around $2.98 trillion, with both total assets and net assets reaching the highest levels since the inception of the Fortune Global 500 list [1] Group 2: Leading Companies - Walmart has maintained its position as the largest company globally for the twelfth consecutive year, followed by Amazon, State Grid Corporation of China, Saudi Aramco, and China National Petroleum [3][4] - Walmart's first-quarter revenue for the fiscal year ending April 30, 2025, was $165.6 billion, a 2.5% increase from the previous year, with net sales of $164 billion and a quarterly operating profit of $7.135 billion, up 4.3% year-on-year [4] Group 3: Energy Sector Highlights - State Grid Corporation of China ranked third in the Fortune Global 500 for the second consecutive year, recognized for its leading technology in ultra-high voltage transmission and smart grid systems [5] - China Petroleum and Chemical Corporation ranked sixth, while Shandong Gold Group was the only new Chinese company to make the list, ranking 465th, benefiting from its gold resource reserves and cost control capabilities [6] Group 4: Pharmaceutical Industry Insights - Among the 50 most profitable companies, three are pharmaceutical firms: Merck, Novo Nordisk, and Johnson & Johnson, with significant changes in the list compared to the previous year [7] - Merck's profit for 2024 was $17.117 billion, driven by the sales of its PD-1 product Keytruda, which achieved $29.482 billion in sales, accounting for 46% of the company's total revenue [8] - Novo Nordisk's profit reached $14.644 billion, with a 38% increase in sales of its GLP-1 receptor agonist products, totaling $29.3 billion [8] Group 5: Chinese Pharmaceutical Company Performance - Guangzhou Pharmaceutical Group is the only Chinese company in the pharmaceutical sector to enter the Fortune Global 500, achieving $35.164 billion in revenue for 2024, a 3.2% decline, with profits of $317 million, down 2.3% [10]