Financial Performance - Q2 Worldwide Sales reached $15.8 billion, a decrease of 2% nominally and ex-FX[10, 24] - Non-GAAP EPS was $2.13, a decrease of 7%[10] - KEYTRUDA sales increased by 9% to $8.0 billion, driven by strong demand[25] - GARDASIL sales decreased by 55% to $1.1 billion, primarily due to China[31] - Animal Health sales increased by 11% to $1.6 billion[45] Pipeline and Regulatory Updates - FDA approved ENFLONSIA for RSV prevention in infants[14, 61] - FDA accepted NDA for doravirine + islatravir for HIV-1 treatment[14, 61] - Positive topline results were announced for enlicitide in hyperlipidemia and WINREVAIR in PAH[14, 59, 60] Future Outlook - Updated 2025 revenue guidance is $64.3 billion to $65.3 billion, implying +0% to +2% nominal growth[49] - The company anticipates a commercial opportunity exceeding $50 billion by the mid-2030s from recent launches and the late-phase pipeline[20]

Core Viewpoint - Merck reported quarterly earnings of $2.13 per share, exceeding the Zacks Consensus Estimate of $2.01 per share, but down from $2.28 per share a year ago, indicating a +5.97% earnings surprise [1][2] Financial Performance - The company posted revenues of $15.81 billion for the quarter ended June 2025, slightly missing the Zacks Consensus Estimate by 0.02%, and down from $16.11 billion year-over-year [2] - Over the last four quarters, Merck has surpassed consensus EPS estimates four times and topped revenue estimates three times [2] Stock Performance - Merck shares have declined approximately 15.5% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for Merck is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $2.41 on revenues of $17.21 billion, and for the current fiscal year, it is $8.87 on revenues of $64.96 billion [7] - The outlook for the industry, particularly the Large Cap Pharmaceuticals sector, is favorable, ranking in the top 26% of over 250 Zacks industries [8]

Core Viewpoint - Merck (MRK.US) is reducing annual spending by $3 billion in anticipation of generic competition for its best-selling cancer drug Keytruda, while also facing challenges with its HPV vaccine Gardasil and adjusting its revenue and profit guidance for the year [1][4][5] Financial Performance - Merck reported quarterly revenue of $15.81 billion, meeting market expectations, with a net profit of $4.43 billion, down from $5.46 billion year-over-year [1] - Keytruda's sales increased by 9% year-over-year to $7.96 billion, exceeding analyst expectations, contributing to an adjusted earnings per share of $2.13, above the Wall Street forecast of $2.01 [4] - The company narrowed its full-year revenue guidance from $64.1-65.6 billion to $64.3-65.3 billion and adjusted its earnings per share forecast from $8.82-8.97 to $8.87-8.97 [4] Strategic Initiatives - The company plans to allocate savings from the spending cuts towards new drug development and market launches, shifting resources from mature business areas to emerging growth engines [2] - Merck's CEO expressed confidence in navigating the expiration of Keytruda's patent, viewing it as a challenge to overcome rather than a cliff [2] Market Challenges - Merck announced an extension of the supply suspension for Gardasil in China until the end of 2025, significantly delaying previous expectations of a mid-year recovery [2] - Gardasil's sales fell by 55% in the second quarter, primarily due to decreased demand in China, with a 3% decline excluding the Chinese market [2] Future Outlook - The company is facing a significant revenue gap as Keytruda, which accounts for nearly half of its revenue, is expected to decline post-patent expiration [5] - Merck is promoting Winrevair, a potential blockbuster for rare lung disease treatment, and plans to launch a convenient version of Keytruda, which is expected to capture 30%-40% of the original formulation's market share [5]

Financial Performance - Burke's earnings per share (EPS) were $2.13, including a $0.07 charge related to a pharma license agreement closure [1] - Revenue slipped 2% year-over-year [1] - Merck is narrowing its revenue and earnings guidance for the full year [2] - Gardil's quarterly revenue was $1.1 billion, below expectations [2] Product & Market Analysis - Keytruda is being used in more and more ways to fight different cancers, with over 20 different applications [3] - Keytruda sales were down 55% [3] - The company is facing the challenge of replacing Keytruda as its exclusivity period nears its end [3] Company Performance & Strategy - The company's performance is considered sad underperformance compared to the S&P and its peers [2] - The company had its first revenue miss since April 2021 [2] - The company is not significantly involved in the weight loss arena [2]

Group 1 - The core viewpoint of the article highlights Merck's Q2 2025 revenue of $15.81 billion, a slight decrease from $16.112 billion in the same period last year, and below market expectations of $15.894 billion [1] - The company has revised its full-year sales forecast to a range of $64.3 billion to $65.3 billion, down from the previous estimate of $64.1 billion to $65.6 billion [1] - Merck announced a layoff plan aimed at saving $3 billion through restructuring efforts [1]

默沙东(MRK.N)公布第二季度业绩后，股价盘前下跌2.1%。 ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Consolidated Statement of Income (GAAP)](index=1&type=section&id=Consolidated%20Statement%20of%20Income%20%28GAAP%29) Merck's Q2 and YTD 2025 GAAP results show declining sales and net income, with increased R&D expenses | Metric | 2Q 2025 (Millions) | 2Q 2024 (Millions) | % Change (2Q) | YTD 2025 (Millions) | YTD 2024 (Millions) | % Change (YTD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sales | $15,806 | $16,112 | -2% | $31,335 | $31,887 | -2% | | Net Income Attributable to Merck & Co., Inc. | $4,427 | $5,455 | -19% | $9,506 | $10,217 | -7% | | Earnings per Common Share Assuming Dilution | $1.76 | $2.14 | -18% | $3.77 | $4.02 | -6% | | Cost of sales | $3,557 | $3,745 | -5% | $6,976 | $7,285 | -4% | | Research and development | $4,048 | $3,500 | 16% | $7,669 | $7,492 | 2% | | Income Before Taxes | $4,999 | $6,006 | -17% | $10,902 | $11,675 | -7% | | Tax Rate | 11.4% | 9.1% | - | 12.7% | 12.4% | - - Research and development expenses increased by **16% in Q2 2025 to $4,048 million** and by **2% YTD 2025 to $7,669 million**, indicating continued investment in innovation despite overall sales decline[2](index=2&type=chunk) [GAAP to Non-GAAP Reconciliation](index=2&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) This section reconciles GAAP to non-GAAP measures, excluding specific items to highlight core business performance, with non-GAAP figures generally higher due to adjustments | Metric | GAAP 2Q 2024 (Millions) | Non-GAAP 2Q 2024 (Millions) | GAAP YTD 2024 (Millions) | Non-GAAP YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Merck & Co., Inc. | $5,455 | $5,809 | $10,217 | $11,087 | | Earnings per Common Share Assuming Dilution | $2.14 | $2.28 | $4.02 | $4.36 | | Tax Rate | 9.1% | 14.1% | 12.4% | 15.0% | - Non-GAAP adjustments primarily exclude expenses for amortization of intangible assets in cost of sales and R&D, integration/transaction costs in SG&A, employee separation costs, and accelerated depreciation from restructuring programs[6](index=6&type=chunk)[7](index=7&type=chunk) - A significant tax benefit was recognized due to a reduction in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to the 2019 federal tax return year[8](index=8&type=chunk) [Product and Segment Sales Analysis](index=3&type=section&id=Product%20and%20Segment%20Sales%20Analysis) [Franchise / Key Product Sales - Second Quarter 2025](index=3&type=section&id=Franchise%20%2F%20Key%20Product%20Sales%20-%20Second%20Quarter%202025) Q2 2025 global sales decreased by 2% due to international declines, despite strong U.S. growth and Keytruda's performance, while Gardasil/Gardasil 9 sales significantly dropped | Product/Segment | Global 2Q 2025 (Millions) | Global 2Q 2024 (Millions) | % Change (Global) | U.S. 2Q 2025 (Millions) | U.S. 2Q 2024 (Millions) | % Change (U.S.) | International 2Q 2025 (Millions) | International 2Q 2024 (Millions) | % Change (International) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TOTAL SALES | $15,806 | $16,112 | -2% | $8,836 | $7,876 | 12% | $6,969 | $8,236 | -15% | | PHARMACEUTICAL | $14,050 | $14,408 | -2% | $8,328 | $7,399 | 13% | $5,722 | $7,009 | -18% | | Keytruda | $7,956 | $7,270 | 9% | $4,749 | $4,412 | 8% | $3,207 | $2,858 | 12% | | Gardasil/Gardasil 9 | $1,126 | $2,478 | -55% | $545 | $536 | 2% | $581 | $1,941 | -70% | | Winrevair | $336 | $70 | * | $323 | $70 | * | $12 | - | - | | ANIMAL HEALTH | $1,646 | $1,482 | 11% | $499 | $455 | 9% | $1,147 | $1,027 | 12% | | Other Revenues | $110 | $222 | -50% | $9 | $22 | -59% | $100 | $200 | -50% | - Winrevair, a new cardiovascular product, showed exceptional growth, increasing from **$70 million in Q2 2024 to $336 million in Q2 2025 globally**[10](index=10&type=chunk) - The significant decline in Gardasil/Gardasil 9 sales, particularly **internationally (-70%)**, was a major factor in the overall pharmaceutical sales decrease[10](index=10&type=chunk) [Franchise / Key Product Sales - June Year-to-Date 2025](index=5&type=section&id=Franchise%20%2F%20Key%20Product%20Sales%20-%20June%20Year-to-Date%202025) YTD 2025 global sales decreased by 2%, driven by international declines, while U.S. sales and Keytruda grew, and Winrevair showed strong performance despite Gardasil/Gardasil 9's significant drop | Product/Segment | Global YTD 2025 (Millions) | Global YTD 2024 (Millions) | % Change (Global) | U.S. YTD 2025 (Millions) | U.S. YTD 2024 (Millions) | % Change (U.S.) | International YTD 2025 (Millions) | International YTD 2024 (Millions) | % Change (International) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TOTAL SALES | $31,335 | $31,887 | -2% | $17,359 | $15,354 | 13% | $13,977 | $16,533 | -15% | | PHARMACEUTICAL | $27,688 | $28,415 | -3% | $16,254 | $14,336 | 13% | $11,434 | $14,079 | -19% | | Keytruda | $15,161 | $14,217 | 7% | $9,057 | $8,531 | 6% | $6,104 | $5,686 | 7% | | Gardasil/Gardasil 9 | $2,453 | $4,727 | -48% | $1,082 | $1,024 | 6% | $1,371 | $3,702 | -63% | | Winrevair | $615 | $70 | * | $591 | $70 | * | $24 | - | - | | ANIMAL HEALTH | $3,234 | $2,993 | 8% | $1,001 | $929 | 8% | $2,233 | $2,064 | 8% | | Other Revenues | $413 | $479 | -14% | $104 | $89 | 17% | $310 | $390 | -21% | - Winrevair's year-to-date sales reached **$615 million**, demonstrating continued strong performance since its introduction[20](index=20&type=chunk) - Total Vaccines sales globally decreased by **29.7% YTD 2025 ($4,977 million)** compared to YTD 2024 (**$7,080 million**), primarily due to the decline in Gardasil/Gardasil 9[24](index=24&type=chunk) [Pharmaceutical Geographic Sales](index=7&type=section&id=Pharmaceutical%20Geographic%20Sales) Global pharmaceutical sales declined in Q2 and YTD 2025, with strong U.S. growth offset by a dramatic 77% drop in China, primarily due to Gardasil/Gardasil 9 sales | Region | 2Q 2025 (Millions) | 2Q 2024 (Millions) | % Change (2Q) | YTD 2025 (Millions) | YTD 2024 (Millions) | % Change (YTD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TOTAL PHARMACEUTICAL | $14,050 | $14,408 | -2% | $27,688 | $28,415 | -3% | | United States | $8,328 | $7,399 | 13% | $16,254 | $14,336 | 13% | | China | $407 | $1,790 | -77% | $1,075 | $3,534 | -70% | | Eastern Europe/Middle East/Africa | $451 | $353 | 28% | $886 | $747 | 19% | - The decline in China's pharmaceutical sales is largely attributed to Gardasil/Gardasil 9 sales, which were **$0 in Q2 2025** compared to **$1,312 million in Q2 2024**[31](index=31&type=chunk) - The U.S. market's share of pharmaceutical sales increased from **51.4% in Q2 2024 to 59.3% in Q2 2025**, highlighting its growing importance[30](index=30&type=chunk) [Other Financial Details](index=8&type=section&id=Other%20Financial%20Details) [Other (Income) Expense, Net (GAAP)](index=8&type=section&id=Other%20%28Income%29%20Expense%2C%20Net%20%28GAAP%29) Other (income) expense, net, shifted to a net expense in Q2 and YTD 2025, driven by increased exchange losses and reduced miscellaneous income | Item | 2Q 2025 (Millions) | 2Q 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | Interest income | $(69) | $(69) | $(178) | $(141) | | Interest expense | $305 | $310 | $618 | $613 | | Exchange losses | $78 | $60 | $167 | $144 | | Income from investments in equity securities, net | $(100) | $(56) | $(189) | $(200) | | Net periodic defined benefit plan (credit) cost other than service cost | $(152) | $(159) | $(300) | $(319) | | Other, net | $(69) | $(44) | $(161) | $(85) | | Total | $(7) | $42 | $(43) | $12 | - Exchange losses increased from **$60 million in Q2 2024 to $78 million in Q2 2025**, and from **$144 million YTD 2024 to $167 million YTD 2025**[33](index=33&type=chunk) - Net income from investments in equity securities decreased from **$(56) million in Q2 2024 to $(100) million in Q2 2025**, indicating a decline in investment performance[33](index=33&type=chunk)

默沙东(MRK.N)2025年Q2营收158.1亿美元，去年同期161.12亿美元，市场预期158.94亿美元。 （文章来源：金十数据） ...

美国制药巨头默克公司宣布裁员计划，预计通过重组节省30亿美元成本。默克公司还更新了全年销售指 引，预计全年销售额为643亿美元至653亿美元，此前预计为641亿美元至656亿美元。 ...

Merck is slashing $3 billion from its annual spending as it braces for off-brand competition to its cancer drug Keytruda, the best-selling medicine in the world https://t.co/paQo9bLw7J ...