Pharmaceutical giant Merck & Co Inc (NYSE:MRK) has reversed its premarket lead, down 2% at $77.20 at last glance. The company posted better-than-expected first-quarter results but cut its profit outlook, expecting a $200 million dent from tariffs. Creeping back down toward its April 16 three-year low of $75.95, MRK is down 22.7% since the start of the year. So far today, MRK has seen 21,000 calls and 29,000 puts exchanged -- triple the overall options volume typically seen at this point. The May 75 put is t ...

Merck (MRK) came out with quarterly earnings of $2.22 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 3.26%. A quarter ago, it was expected that this pharmaceutical company would post earnings of $1.69 per share when it actually produced earnings of $1.72, delivering a surprise of 1.78%. Over the last four quarters, the com ...

默克公司预计迄今为止宣布的关税将增加2亿美元成本。 ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Merck's Q1 2025 saw mixed sales with strong pipeline progress, while full-year outlook was maintained for sales but revised for EPS due to one-time charges [First Quarter 2025 Performance Overview](index=1&type=section&id=First%20Quarter%202025%20Performance%20Overview) Merck's Q1 2025 worldwide sales decreased 2% to $15.5 billion, with KEYTRUDA growth offsetting a significant GARDASIL/GARDASIL 9 decline, alongside strong pipeline advancements First Quarter 2025 Key Financial Highlights | Metric | Q1 2025 Value | Change YoY | Change Ex-FX | | :----- | :------------ | :--------- | :----------- | | Total Worldwide Sales | $15.5 Billion | -2% | 1% | | KEYTRUDA Sales | $7.2 Billion | 4% | 6% | | WINREVAIR Sales | $280 Million | - | - | | Animal Health Sales | $1.6 Billion | 5% | 10% | | GARDASIL/GARDASIL 9 Sales | $1.3 Billion | -41% | -40% | | GAAP EPS | $2.01 | - | - | | Non-GAAP EPS | $2.22 | - | - | - Merck made strong progress to start the year, with increasing contributions from newer commercialized medicines and vaccines and continued advancement of its pipeline[4](index=4&type=chunk) - Expanded pipeline through an exclusive license agreement with Hengrui Pharma for an investigational oral small molecule Lp(a) inhibitor, expected to close in Q2 2025[5](index=5&type=chunk) [Full-Year 2025 Financial Outlook Summary](index=1&type=section&id=Full-Year%202025%20Financial%20Outlook%20Summary) Merck maintained its full-year 2025 worldwide sales outlook but revised its non-GAAP EPS downward to reflect a one-time charge related to the Hengrui Pharma license agreement and absorbed additional costs from tariffs Full-Year 2025 Financial Outlook | Metric | Outlook Range | | :----- | :------------ | | Worldwide Sales | $64.1 Billion to $65.6 Billion | | Non-GAAP EPS | $8.82 to $8.97 | - Non-GAAP EPS outlook revised to reflect a negative impact from an anticipated one-time charge of approximately **$0.06 per share** related to the license agreement with Hengrui Pharma[5](index=5&type=chunk) - Outlook absorbs an estimated **$200 million** of additional costs for tariffs implemented to date[5](index=5&type=chunk) [First-Quarter 2025 Financial Results Analysis](index=2&type=section&id=First-Quarter%202025%20Financial%20Results%20Analysis) Merck's Q1 2025 financial results show mixed sales performance, with growth in oncology and animal health offset by declines in vaccines, while profitability improved due to product mix and lower R&D expenses [Financial Summary (GAAP & Non-GAAP)](index=2&type=section&id=Financial%20Summary%20(GAAP%20%26%20Non-GAAP)) Merck's first-quarter 2025 financial summary shows a slight decline in sales but growth in both GAAP and non-GAAP net income and EPS, with non-GAAP measures excluding specific acquisition, restructuring, and investment-related costs to provide a clearer view of underlying business performance First Quarter Financial Summary (GAAP vs. Non-GAAP) | Metric ($ in millions, except EPS) | 2025 | 2024 | Change | Change Ex-Exchange | | :-------------------------------- | :--- | :--- | :----- | :----------------- | | Sales | $15,529 | $15,775 | -2% | 1% | | GAAP net income | $5,079 | $4,762 | 7% | 12% | | Non-GAAP net income | $5,611 | $5,279 | 6% | 11% | | GAAP EPS | $2.01 | $1.87 | 7% | 13% | | Non-GAAP EPS | $2.22 | $2.07 | 7% | 12% | - Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities, which management believes enhances investors' understanding of the company's underlying business performance[7](index=7&type=chunk)[9](index=9&type=chunk) [Sales Performance by Product](index=3&type=section&id=Sales%20Performance%20by%20Product) Merck's Q1 2025 sales were mixed, showing strong growth in oncology and Animal Health, significant declines in vaccines and virology, and contributions from new product launches like WINREVAIR and CAPVAXIVE [Pharmaceutical Sales](index=3&type=section&id=Pharmaceutical%20Sales) Pharmaceutical sales declined **3%** (1% ex-exchange) to **$13.6 billion** due to lower vaccine and virology sales, despite strong KEYTRUDA performance and growth in oncology, cardiology, and diabetes First Quarter 2025 Key Pharmaceutical Product Sales | Product | 2025 Sales ($M) | 2024 Sales ($M) | Change (%) | Change Ex-Exchange (%) | Commentary | | :------ | :-------------- | :-------------- | :--------- | :--------------------- | :--------- | | KEYTRUDA | 7,205 | 6,947 | 4% | 6% | Growth from increased global uptake in earlier-stage indications and continued strong demand from metastatic indications | | GARDASIL/GARDASIL 9 | 1,327 | 2,249 | -41% | -40% | Decline primarily due to lower demand in China, partially offset by higher demand in most international regions | | JANUVIA/JANUMET | 796 | 670 | 19% | 21% | Increase primarily due to higher net pricing in the U.S., partially offset by lower demand in international markets | | WINREVAIR | 280 | - | - | - | Represents continued uptake since its Q2 2024 launch in the U.S. | | WELIREG | 137 | 85 | 62% | 63% | Growth primarily driven by higher demand in the U.S. | | CAPVAXIVE | 107 | - | - | - | Represents continued uptake since its Q3 2024 launch in the U.S. | | LAGEVRIO | 102 | 350 | -71% | -69% | Decline largely driven by lower demand in the Asia Pacific region, particularly Japan | | SIMPONI | - | 184 | -100% | -100% | Marketing rights reverted to Johnson & Johnson on Oct. 1, 2024 | - Pharmaceutical sales decline driven by vaccines, virology and immunology, partially offset by growth in oncology, cardiology and diabetes[11](index=11&type=chunk) [Animal Health Sales](index=4&type=section&id=Animal%20Health%20Sales) Animal Health sales grew **5%** (**10%** ex-exchange) to **$1.6 billion**, primarily driven by increased Livestock product demand and the inclusion of the Elanco aqua business, while Companion Animal sales remained flat First Quarter 2025 Animal Health Sales | Segment | 2025 Sales ($M) | 2024 Sales ($M) | Change (%) | Change Ex-Exchange (%) | | :------ | :-------------- | :-------------- | :--------- | :--------------------- | | Animal Health Total | 1,588 | 1,511 | 5% | 10% | | Livestock | 924 | 850 | 9% | 16% | | Companion Animal | 664 | 661 | - | 3% | - Growth in Animal Health primarily due to higher demand for Livestock products and the inclusion of sales from the Elanco aqua business acquired in July 2024[12](index=12&type=chunk) [Other Revenues](index=4&type=section&id=Other%20Revenues) Other revenues increased 17% (16% ex-exchange) to $303 million, primarily due to higher payments received for out-licensing arrangements and royalties, partially offset by lower revenue from third-party manufacturing First Quarter 2025 Other Revenues | Metric | 2025 Sales ($M) | 2024 Sales ($M) | Change (%) | Change Ex-Exchange (%) | | :----- | :-------------- | :-------------- | :--------- | :--------------------- | | Other Revenues | 303 | 258 | 17% | 16% | - Increase primarily due to higher payments received for out-licensing arrangements and higher royalties, partially offset by lower revenue from third-party manufacturing arrangements[12](index=12&type=chunk)[13](index=13&type=chunk) [Expense and Profitability Analysis](index=5&type=section&id=Expense%20and%20Profitability%20Analysis) Merck's Q1 2025 saw GAAP gross margin improve due to product mix, R&D expenses decrease significantly from a prior-year acquisition charge absence, and SG&A expenses experience a modest increase [GAAP Expense and Gross Margin](index=5&type=section&id=GAAP%20Expense%20and%20Gross%20Margin) GAAP gross margin improved to **78.0%** in Q1 2025, while R&D expenses decreased **9%** due to a prior-year acquisition charge, and SG&A expenses increased **3%** from higher administrative and promotional costs First Quarter GAAP Expenses | Expense Category ($M) | 2025 | 2024 | Change (%) | | :-------------------- | :--- | :--- | :--------- | | Cost of sales | $3,419 | $3,540 | -3% | | Selling, general and administrative | $2,552 | $2,483 | 3% | | Research and development | $3,621 | $3,992 | -9% | | Restructuring costs | $69 | $123 | -44% | | Other (income) expense, net | $(35) | $(33) | 6% | | GAAP Gross Margin | 78.0% | 77.6% | +0.4 pp | | GAAP EPS | $2.01 | $1.87 | 7% | - The increase in GAAP gross margin was primarily due to the favorable impacts of product mix and lower restructuring costs, partially offset by higher amortization of intangible assets and the unfavorable impact of foreign exchange[16](index=16&type=chunk) - R&D expenses decreased primarily due to a **$656 million** charge for the acquisition of Harpoon in Q1 2024, partially offset by a **$100 million** charge in Q1 2025 related to the EyeBio acquisition milestone and increased clinical development costs[18](index=18&type=chunk) [Non-GAAP Expense and Gross Margin](index=6&type=section&id=Non-GAAP%20Expense%20and%20Gross%20Margin) Non-GAAP gross margin improved to **82.2%** in Q1 2025 due to favorable product mix, with R&D expenses decreasing **9%** from the absence of a prior-year acquisition charge, and SG&A expenses increasing **3%** from higher administrative and promotional costs First Quarter Non-GAAP Expenses | Expense Category ($M) | 2025 | 2024 | Change (%) | | :-------------------- | :--- | :--- | :--------- | | Non-GAAP Cost of sales | $2,763 | $2,961 | -7% | | Non-GAAP Selling, general and administrative | $2,529 | $2,457 | 3% | | Non-GAAP Research and development | $3,614 | $3,974 | -9% | | Non-GAAP Other (income) expense, net | $75 | $87 | -14% | | Non-GAAP Gross Margin | 82.2% | 81.2% | +1.0 pp | | Non-GAAP EPS | $2.22 | $2.07 | 7% | - Non-GAAP gross margin increase was primarily due to the favorable impact of product mix, partially offset by the unfavorable impact of foreign exchange[22](index=22&type=chunk) - Non-GAAP R&D expenses decreased primarily due to a **$656 million** charge for the acquisition of Harpoon in Q1 2024, partially offset by a **$100 million** charge in Q1 2025 related to the EyeBio acquisition milestone[24](index=24&type=chunk) [GAAP to Non-GAAP Reconciliation](index=7&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) The reconciliation highlights that non-GAAP net income and EPS are higher than GAAP figures due to the exclusion of acquisition- and divestiture-related costs, restructuring costs, and income from investments in equity securities, which collectively reduced GAAP net income by $532 million in Q1 2025 First Quarter GAAP to Non-GAAP Reconciliation | Metric ($ in millions, except EPS) | GAAP (2025) | Difference | Non-GAAP (2025) | GAAP (2024) | Difference | Non-GAAP (2024) | | :-------------------------------- | :---------- | :--------- | :-------------- | :---------- | :--------- | :-------------- | | EPS | $2.01 | $0.21 | $2.22 | $1.87 | $0.20 | $2.07 | | Net Income | $5,079 | $532 | $5,611 | $4,762 | $517 | $5,279 | | **Excluded Items (2025):** | | | | | | | | Acquisition- and divestiture-related costs | | $647 | | | | | | Restructuring costs | | $105 | | | | | | Income from investments in equity securities | | $(107) | | | | | | Estimated income tax (benefit) expense | | $(113) | | | | | [Pipeline and Portfolio Updates](index=7&type=section&id=Pipeline%20and%20Portfolio%20Updates) Merck advanced its pipeline with key regulatory approvals and positive clinical trial results across oncology, vaccines, and cardiovascular areas, complemented by strategic licensing agreements [Oncology Pipeline Developments](index=7&type=section&id=Oncology%20Pipeline%20Developments) Merck advanced its oncology pipeline with pivotal subcutaneous pembrolizumab data leading to U.S. and European regulatory applications, KEYTRUDA receiving Priority Review for LA-HNSCC and EC approval for mesothelioma, and WELIREG gaining conditional EC approval for two indications - Presented pivotal data from the Phase 3 trial of subcutaneous pembrolizumab with berahyaluronidase alfa; applications are under review in the U.S. (PDUFA date Sept. 23, 2025) and Europe[30](index=30&type=chunk) - U.S. FDA granted Priority Review for KEYTRUDA plus standard of care as perioperative treatment for resectable locally advanced head and neck squamous cell carcinoma (LA-HNSCC), with a PDUFA date of June 23, 2025[31](index=31&type=chunk) - Received conditional EC approval for two indications for WELIREG, making it the first and only oral hypoxia-inducible factor-2 alpha inhibitor approved in the European Union[31](index=31&type=chunk) [Vaccines and Infectious Diseases Developments](index=8&type=section&id=Vaccines%20and%20Infectious%20Diseases%20Developments) Merck secured EC approval for CAPVAXIVE and GARDASIL 9 for males in China, alongside positive Phase 3 results for the investigational oral two-drug regimen of doravirine/islatravir (DOR/ISL) for HIV-1 infection - Received EC approval for CAPVAXIVE for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults, marking its fourth approval globally[33](index=33&type=chunk) - Received approval for GARDASIL 9 for males in China, making it the first 9-valent HPV vaccine approved for the prevention of certain HPV-related cancers and diseases in Chinese males 16-26 years of age[33](index=33&type=chunk) - Presented positive results from two pivotal Phase 3 trials of the investigational, once-daily, oral two-drug regimen of doravirine/islatravir (DOR/ISL) in adults with virologically suppressed HIV-1 infection[33](index=33&type=chunk) [Cardiovascular Disease Developments](index=8&type=section&id=Cardiovascular%20Disease%20Developments) Results from the Phase 3 ZENITH trial demonstrated that WINREVAIR significantly reduced the risk of a composite of all-cause death, lung transplantation, and hospitalization for PAH by 76% compared to placebo, leading to early trial termination due to overwhelming efficacy - Phase 3 ZENITH trial evaluating WINREVAIR demonstrated a **76% reduction** in the risk of a composite of all-cause death, lung transplantation, and hospitalization for PAH compared to placebo, leading to early trial stoppage due to overwhelming efficacy[34](index=34&type=chunk) [Business Development and Strategic Partnerships](index=8&type=section&id=Business%20Development%20and%20Strategic%20Partnerships) Merck expanded its pipeline through an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. for HRS-5346, an investigational oral small molecule Lp(a) inhibitor currently in Phase 2 clinical trials - Entered into an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. for HRS-5346, an investigational oral small molecule Lipoprotein(a) [Lp(a)] inhibitor, with the transaction expected to close in Q2 2025[35](index=35&type=chunk) [Notable Recent News Releases](index=9&type=section&id=Notable%20Recent%20News%20Releases) Merck highlighted recent news releases covering key regulatory milestones and clinical trial results across oncology, vaccines, cardiovascular, and infectious diseases, reinforcing its broad pipeline advancements - FDA granted Priority Review for KEYTRUDA plus standard of care as perioperative treatment for resectable LA-HNSCC, with a PDUFA date of June 23, 2025[37](index=37&type=chunk) - EC approved CAPVAXIVE for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults[37](index=37&type=chunk) - WINREVAIR reduced the risk of a composite of all-cause death, lung transplantation, and hospitalization for PAH by **76%** compared to placebo in the Phase 3 ZENITH trial[37](index=37&type=chunk) [Strategic Investments](index=9&type=section&id=Strategic%20Investments) Merck is making substantial long-term capital investments exceeding **$21 billion** in its U.S. manufacturing and R&D capabilities, including a new **$1 billion** vaccine facility [Manufacturing and R&D Investment](index=9&type=section&id=Manufacturing%20and%20R%26D%20Investment) Merck is making substantial long-term capital investments in its U.S. manufacturing and R&D capabilities, with over $12 billion allocated since 2018 and an additional $9 billion planned by the end of 2028, including a new $1 billion vaccine manufacturing facility - Merck has allocated more than **$12 billion** toward U.S. capital investment since 2018 and expects to invest over **$9 billion** more by the end of 2028[38](index=38&type=chunk) - Recently opened a new, **$1 billion**, 225,000-square-foot facility dedicated to vaccine manufacturing at Merck's Durham, North Carolina, site[38](index=38&type=chunk) [Full-Year 2025 Financial Outlook](index=10&type=section&id=Full-Year%202025%20Financial%20Outlook) Merck reaffirmed its full-year 2025 sales guidance but revised its non-GAAP EPS downward due to one-time charges and tariff impacts [Sales Outlook](index=10&type=section&id=Sales%20Outlook) Merck reaffirmed its full-year 2025 worldwide sales guidance of $64.1 billion to $65.6 billion, while noting an anticipated negative impact of approximately 1% from foreign exchange and an estimated $200 million in additional costs due to tariffs Full-Year 2025 Sales Outlook | Metric | Updated Outlook | | :----- | :-------------- | | Sales | $64.1 billion to $65.6 billion | - Continues to expect full-year 2025 sales to be between **$64.1 billion** and **$65.6 billion**, including a revised negative impact of foreign exchange of approximately **1%** at mid-April 2025 exchange rates[41](index=41&type=chunk)[43](index=43&type=chunk) - Outlook includes an estimated **$200 million** of additional costs for tariffs implemented to date, primarily impacting Cost of Sales and gross margin[44](index=44&type=chunk) [Profitability and EPS Outlook](index=10&type=section&id=Profitability%20and%20EPS%20Outlook) Merck revised its full-year non-GAAP EPS outlook to $8.82 to $8.97, reflecting a new $0.06 per share charge for the Hengrui Pharma license agreement and a $0.09 per share charge for the LaNova payment. The non-GAAP effective tax rate was also adjusted Full-Year 2025 Profitability and EPS Outlook | Metric | Updated Outlook | Prior Outlook | | :----- | :-------------- | :------------ | | Non-GAAP Gross margin | Approximately 82% | Approximately 82.5% | | Non-GAAP Operating expenses | $25.6 billion to $26.6 billion | $25.4 billion to $26.4 billion | | Non-GAAP Effective tax rate | 15.5% to 16.5% | 16.0% to 17.0% | | Non-GAAP EPS | $8.82 to $8.97 | $8.88 to $9.03 | - Revised non-GAAP EPS range reflects an anticipated one-time charge of **$200 million** (approximately **$0.06 per share**) for an upfront payment to Hengrui Pharma[46](index=46&type=chunk) - Guidance continues to reflect an anticipated one-time charge of **$300 million** (approximately **$0.09 per share**) related to the payment to LaNova[46](index=46&type=chunk) - Non-GAAP EPS outlook includes a negative impact of foreign exchange of more than **$0.20 per share**[46](index=46&type=chunk) [Additional Information](index=11&type=section&id=Additional%20Information) This section provides background on Merck's mission, a disclaimer regarding forward-looking statements, and an appendix of generic product names [About Merck](index=11&type=section&id=About%20Merck) Merck, known as MSD outside the U.S. and Canada, is a research-intensive biopharmaceutical company dedicated to using science to save and improve lives globally, with over 130 years of developing medicines and vaccines for people and animals - Merck's purpose is to use the power of leading-edge science to save and improve lives around the world, with over 130 years of developing important medicines and vaccines[49](index=49&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer, highlighting that forward-looking statements are subject to significant risks and uncertainties, including industry competition, regulatory changes, global economic factors, challenges in product development, and potential litigation, which could cause actual results to differ materially - Forward-looking statements are subject to significant risks and uncertainties, including general industry conditions, competition, economic factors, pharmaceutical industry regulation, healthcare cost containment, technological advances, new product development challenges, manufacturing difficulties, and exposure to litigation[50](index=50&type=chunk)[51](index=51&type=chunk) [Appendix: Generic Product Names](index=12&type=section&id=Appendix%3A%20Generic%20Product%20Names) This appendix provides a list of generic product names for Merck's key pharmaceutical and animal health products mentioned in the report [Unaudited Financial Statements](index=14&type=section&id=Unaudited%20Financial%20Statements) This section presents Merck's unaudited GAAP consolidated statement of income, a detailed GAAP to non-GAAP reconciliation, and a comprehensive breakdown of franchise and key product sales for Q1 2025 [Consolidated Statement of Income - GAAP](index=14&type=section&id=Consolidated%20Statement%20of%20Income%20-%20GAAP) The unaudited GAAP consolidated statement of income for Q1 2025 shows total sales of $15.5 billion, with net income attributable to Merck & Co., Inc. of $5.08 billion and diluted EPS of $2.01, reflecting a 7% increase in both compared to Q1 2024 Consolidated Statement of Income - GAAP (Q1 2025 vs. Q1 2024) | Metric ($ in millions, except EPS) | 1Q25 | 1Q24 | % Change | | :-------------------------------- | :--- | :--- | :------- | | Sales | $15,529 | $15,775 | -2% | | Cost of sales | $3,419 | $3,540 | -3% | | Selling, general and administrative | $2,552 | $2,483 | 3% | | Research and development | $3,621 | $3,992 | -9% | | Restructuring costs | $69 | $123 | -44% | | Other (income) expense, net | $(35) | $(33) | 6% | | Income Before Taxes | $5,903 | $5,670 | 4% | | Income Tax Provision | $818 | $903 | -9% | | Net Income | $5,085 | $4,767 | 7% | | Net Income Attributable to Merck & Co., Inc. | $5,079 | $4,762 | 7% | | Earnings per Common Share Assuming Dilution | $2.01 | $1.87 | 7% | | Tax Rate | 13.9% | 15.9% | -2.0 pp | [GAAP to Non-GAAP Reconciliation (Detailed)](index=15&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation%20(Detailed)) This detailed reconciliation table outlines the specific adjustments made to GAAP figures to derive non-GAAP results for Q1 2025, primarily excluding acquisition- and divestiture-related costs ($647M), restructuring costs ($105M), and income from investments in equity securities ($(107)M), which collectively increased non-GAAP net income and EPS Detailed GAAP to Non-GAAP Reconciliation (Q1 2025) | Metric ($ in millions, except EPS) | GAAP | Acquisition and Divestiture Related Costs | Restructuring Costs | (Income) Loss from Investments in Equity Securities | Adjustment Subtotal | Non-GAAP | | :-------------------------------- | :--- | :-------------------------------------- | :------------------ | :------------------------------------------------ | :------------------ | :------- | | Cost of sales | $3,419 | $620 | $36 | - | $656 | $2,763 | | Selling, general and administrative | $2,552 | $23 | - | - | $23 | $2,529 | | Research and development | $3,621 | $7 | - | - | $7 | $3,614 | | Restructuring costs | $69 | - | $69 | - | $69 | - | | Other (income) expense, net | $(35) | $(3) | - | $(107) | $(110) | $75 | | Income Before Taxes | $5,903 | $(647) | $(105) | $107 | $(645) | $6,548 | | Income Tax Provision (Benefit) | $818 | $(117) | $(18) | $22 | $(113) | $931 | | Net Income Attributable to Merck & Co., Inc. | $5,079 | $(530) | $(87) | $85 | $(532) | $5,611 | | Earnings per Common Share Assuming Dilution | $2.01 | $(0.21) | $(0.03) | $0.03 | $(0.21) | $2.22 | | Tax Rate | 13.9% | - | - | - | - | 14.2% | - Non-GAAP adjustments primarily include expenses for the amortization of intangible assets in cost of sales and R&D, integration and transaction costs in SG&A, and employee separation costs and asset impairments in restructuring costs[61](index=61&type=chunk)[62](index=62&type=chunk) [Franchise / Key Product Sales (Detailed)](index=16&type=section&id=Franchise%20%2F%20Key%20Product%20Sales%20(Detailed)) This table provides a comprehensive breakdown of sales for individual products and franchises for Q1 2025 and Q1 2024, including quarterly and full-year 2024 figures, and nominal and ex-exchange percentage changes, offering granular insight into product-level performance drivers Franchise / Key Product Sales (Q1 2025 vs. Q1 2024) | Product/Franchise | 1Q 2025 ($M) | 1Q 2024 ($M) | Nom % Change | Ex-Exch % Change | | :---------------- | :----------- | :----------- | :----------- | :--------------- | | TOTAL SALES | $15,529 | $15,775 | -2 | 1 | | PHARMACEUTICAL | $13,638 | $14,006 | -3 | -1 | | **Oncology** | | | | | | Keytruda | $7,205 | $6,947 | 4 | 6 | | Lynparza (Alliance) | $312 | $292 | 7 | 8 | | Lenvima (Alliance) | $258 | $255 | 1 | 2 | | Welireg | $137 | $85 | 62 | 63 | | Reblozyl (Alliance) | $119 | $71 | 68 | 68 | | **Vaccines** | | | | | | Gardasil/Gardasil 9 | $1,327 | $2,249 | -41 | -40 | | ProQuad/M-M-R II/Varivax | $539 | $570 | -5 | -5 | | Vaxneuvance | $230 | $219 | 5 | 7 | | Capvaxive | $107 | - | - | - | | **Hospital Acute Care** | | | | | | Prevymis | $208 | $174 | 19 | 22 | | **Cardiovascular** | | | | | | Winrevair | $280 | - | - | - | | **Virology** | | | | | | Lagevrio | $102 | $350 | -71 | -69 | | **Immunology** | | | | | | Simponi | - | $184 | -100 | -100 | | **Diabetes** | | | | | | Januvia | $549 | $419 | 31 | 33 | | Janumet | $247 | $251 | -2 | 2 | | ANIMAL HEALTH | $1,588 | $1,511 | 5 | 10 | | Livestock | $924 | $850 | 9 | 16 | | Companion Animal | $664 | $661 | - | 3 | | Other Revenues | $303 | $258 | 17 | 16 |

智通财经4月24日电，默克公司预计迄今为止宣布的关税将增加2亿美元成本。 ...

Core Viewpoint - Merck has lowered its full-year profit guidance due to estimated costs from tariffs and a one-time charge related to a recent deal, impacting its adjusted earnings outlook for 2025 [1][4]. Financial Guidance - The company now expects adjusted earnings for 2025 to be between $8.82 and $8.97 per share, a decrease from the previous range of $8.88 to $9.03 per share [1]. - Merck reiterated its full-year sales forecast of between $64.1 billion and $65.6 billion [4]. Tariff Impact - The expected tariff charge is primarily due to levies between the U.S. and China, with additional impacts from Canada and Mexico [2]. - The new outlook does not include the potential effects of President Trump's planned tariffs on pharmaceuticals imported into the U.S., which may lead to increased U.S. manufacturing investments by drugmakers [3]. Investment in U.S. Manufacturing - Merck has invested $12 billion in U.S. manufacturing and research and development, with plans to invest an additional $9 billion by the end of 2028 [3]. Recent Financial Performance - In the first quarter, Merck reported net income of $5.08 billion, or $2.01 per share, compared to $4.76 billion, or $1.87 per share, in the same period last year [6]. - The company earned $2.22 per share excluding acquisition and restructuring costs, surpassing the expected $2.14 [8]. Revenue Performance - Merck's revenue for the first quarter was $15.53 billion, a 2% decrease from the same period a year ago, but above the expected $15.31 billion [7][8]. Product Contributions - The company noted significant sales contributions from two recently launched drugs, Winrevair and Capvaxive, which are expected to help offset losses from its top-selling cancer therapy, Keytruda, set to lose exclusivity in 2028 [5].

Core Viewpoint - Merck is set to report its first-quarter 2024 earnings on April 24, with sales and earnings estimates at $15.48 billion and $2.16 per share respectively, while earnings estimates for 2025 have seen a slight decline from $9.01 to $8.96 per share over the past month [1][2]. Earnings Performance - Merck has consistently exceeded earnings expectations in the last four quarters, achieving an average earnings surprise of 4.68% [2][3]. - The most recent quarter showed an earnings surprise of 1.78% [2]. Sales Drivers - The anticipated top-line growth in Q1 is expected to be driven by the cancer drug Keytruda, supported by increased patient demand and additional indications [5]. - Keytruda's sales are projected at $7.55 billion according to the Zacks Consensus Estimate, while a higher estimate of $7.82 billion is provided [6]. Product Performance - U.S. sales of Keytruda in the previous quarter benefited from approximately $200 million in wholesale inventory buy-in, which is expected to reverse in Q1 2025 [7]. - Sales of the new drug Welireg are likely to have increased due to its uptake for advanced renal cell carcinoma [13]. - The HPV vaccine Gardasil is expected to see mixed results, with U.S. sales increasing due to higher pricing, while ex-U.S. sales may decline due to lower demand in China [10]. Competitive Landscape - Merck's reliance on Keytruda raises concerns about the company's ability to diversify its product lineup ahead of the drug's loss of exclusivity in 2028 [23]. - Competitive pressure for Keytruda may increase, particularly from Summit Therapeutics' candidate ivonescimab, which has shown promising results in trials [24]. Valuation and Market Performance - Merck's stock has declined 21.1% year-to-date, underperforming the industry and the S&P 500 [16]. - The company's shares trade at a forward price/earnings ratio of 8.44, which is lower than the industry average of 15.07 and its own 5-year mean of 13.10 [19]. Investment Outlook - Merck's portfolio includes several blockbuster drugs, with Keytruda being a significant revenue driver, alongside growth in animal health and vaccine products [22]. - Despite challenges such as declining sales for Gardasil in China and potential competition for Keytruda, the company is expected to maintain strong fundamentals in the long term [26][27].

Artificial intelligence (AI) is taking over the world. Individuals and corporations are implementing the technology in their day-to-day lives and operations; governmental institutions are doing the same. The U.S. Food and Drug Administration (FDA) recently announced it would phase out animal testing in drug development in favor of other methods, including AI-based testing.That's good news for Recursion Pharmaceuticals (RXRX 3.67%), a biotech company that's already pioneering the use of AI in drug developmen ...

Industry Overview - The cancer market is experiencing significant growth due to rising demand for targeted and less toxic cancer medicines, with new cancer cases in the U.S. expected to exceed 2 million for the first time in 2024, leading to increased global spending on cancer treatments [1][3] - Innovative cancer treatments such as immunotherapy, targeted therapies, and personalized vaccines are emerging, utilizing the body's immune system and focusing on specific genetic mutations to provide more effective and less harmful alternatives to traditional chemotherapy [2][3] Company Developments - Major pharmaceutical companies like Novartis, AstraZeneca, Pfizer, AbbVie, and Eli Lilly are actively developing new cancer therapies, including antibody-drug conjugates and immune-oncology agents, while smaller biotech firms are also making significant advancements [4] - Verastem Oncology is seeking FDA approval for its combination regimen of avutometinib and defactinib for treating KRAS mutant recurrent low-grade serous ovarian cancer, with a decision expected by June 30, 2025 [6][7] - Relay Therapeutics has reported positive interim data for its RLY-2608 breast cancer program, leading to plans for a pivotal study in mid-2025 [9][10] - Pyxis Oncology is focused on developing next-generation therapeutics, with its lead candidate showing significant tumor regression in patients with recurrent and metastatic head and neck squamous cell carcinoma, and has received Fast Track Designation from the FDA [12][13][14]

Leadership Changes - Conduit Pharmaceuticals announced key leadership changes to support its next phase of growth, with Dr. Andrew Regan appointed as the new CEO, succeeding Dr. David Tapolczay, who will remain as Head of Strategy & Licensing [1][2][4] - Dr. Regan has a successful entrepreneurial background, having sold Hobson Plc for £154 million and being a founding shareholder of Asos plc, which grew to a market capitalization exceeding £4.8 billion [3] Strategic Focus - The company aims to maximize shareholder value through licensing opportunities, creating new 20-year Composition-of-Matter patents, and utilizing AI and Cybernetics in collaboration with Sarborg to repurpose drugs [4] - Dr. Tapolczay highlighted the company's achievements, including its public listing on NASDAQ and a licensing deal with AstraZeneca, while expressing confidence in Dr. Regan's leadership [4] Company Overview - Conduit Pharmaceuticals is a multi-asset clinical stage life science company focused on an efficient model for compound development, acquiring and funding Phase 2-ready assets [5] - The company seeks to build an integrated platform-driven approach powered by AI and cybernetics, aiming for exits through third-party license deals following successful clinical trials [5]