Merck(US:MRK) 智通财经网·2026-02-03 13:23Core Viewpoint - Merck's (MRK.US) latest quarterly performance report and future outlook fell short of market expectations, primarily due to challenges faced by its HPV vaccine Gardasil, which is expected to struggle in the Chinese market, overshadowing strong growth from other products like Keytruda and new drugs [1][2]. Financial Performance - In Q4, Merck reported total sales of approximately $16.4 billion, a 5% year-over-year increase, exceeding analyst expectations of about $16.2 billion [2]. - Non-GAAP net profit for the quarter was approximately $5.088 billion, reflecting a 16% year-over-year growth, with adjusted earnings per share at $2.04, slightly above analyst forecasts [2]. - Gardasil's sales in Q4 were approximately $1.03 billion, down about 35% year-over-year, attributed to global economic uncertainties and competitive pressures [3]. Product Challenges - Gardasil is facing significant challenges in both the Chinese market, where demand has sharply declined, and in the U.S., where health officials have recommended reducing vaccination doses [2][3]. - Merck has paused Gardasil shipments to China until the end of 2025, not factoring any shipments in its 2026 guidance [1]. Growth Opportunities - Despite Gardasil's challenges, Merck is experiencing growth in other areas, including a new pneumonia vaccine and the rare disease drug Winrevair, which saw a 133% increase in Q4 sales [4]. - Winrevair achieved sales of approximately $467 million in Q4, exceeding analyst expectations [4]. Strategic Initiatives - Merck is preparing for potential price reductions and competition for its top-selling cancer drug Keytruda, which faces patent expiration in 2028 [5][6]. - The company is actively seeking significant acquisition opportunities, with CEO Robert Davis indicating a focus on strategic acquisitions to bolster its drug pipeline [6][8]. Future Outlook - Merck's management is prioritizing oncology treatment innovations and plans to diversify its cancer product line beyond Keytruda [8][9]. - The company is exploring new mechanisms in immunotherapy and potential acquisitions in chronic disease treatments, particularly in COPD and metabolic disorders [9].