默沙东2025年财报发布，销售额增长1%，Keytruda增速放缓

Group 1 - The core viewpoint of the article highlights Merck's financial performance for the fiscal year 2025, with total sales of $65 billion, a 1% year-over-year increase, and a non-GAAP EPS of $8.98, reflecting a 17% growth [1] - In Q4 2025, Merck reported revenues of $16.4 billion, a 5% increase year-over-year, slightly exceeding market expectations [1] - The company projects 2026 sales between $65.5 billion and $67 billion, with adjusted EPS expected to be between $5.00 and $5.15, which is below Wall Street expectations due to one-time costs from the acquisition of Cidara Therapeutics [1] Group 2 - Merck is in discussions to acquire cancer drug developer Revolution Medicines for an estimated $28 billion to $32 billion, which would enhance its oncology pipeline with the experimental drug Daraxonrasib [2] - The subcutaneous formulation of Keytruda, Keytruda Qlex, has been submitted for approval in the U.S., EU, and China to address the patent expiration challenge in 2028 [2] - The pulmonary arterial hypertension drug Winrevair is expected to receive FDA approval for new indications in 2026, with projected sales of $1.443 billion in 2025 [2] - The oral PCSK9 inhibitor Enlicitide has successfully completed Phase III clinical trials, potentially becoming a new growth point in the cardiovascular sector [2] Group 3 - As of February 13, 2026, Merck's stock price was $121.79, up 2.14% for the day and showing a year-to-date increase of 15.70% [3] - The stock experienced significant volatility, with a 3.51% drop on February 9, followed by a rebound, resulting in a trading range fluctuation of 5.92% [3] - On February 13, trading volume was approximately $238 million, with a volume ratio of 1.32, indicating active short-term trading [3] Group 4 - In January 2026, Wolfe Research upgraded Merck's rating to "Outperform" with a target price of $135, citing the company's active phase of mergers and product innovation [4] - It is anticipated that by 2029, approximately 41% of Keytruda's intravenous revenue may transition to the subcutaneous version [4]