2月3日，默沙东发布2025年第四季度及全年财务业绩。在Keytruda持续增长、Winrevair与Capvaxive等新产品贡献提升，以及动物保健业务表现稳 健的推动下，公司全年销售额达650亿美元，同比增长1%。非GAAP口径下每股收益为8.98美元，同比增长17%。 默沙东2025年业绩表现稳健，但对2026年的盈利预期低于市场共识。公司预计全年销售额为655亿至670亿美元，调整后每股收益为5.00至5.15美 元，两项指引均未达到华尔街普遍预期。 该药物的增长主要由其早期适应症的全球市场需求推动，涵盖三阴性乳腺癌、非小细胞肺癌、肾细胞癌、宫颈癌及头颈癌等领域，同时转移性尿 路上皮癌、胃癌和子宫内膜癌等适应症亦持续贡献稳定需求。值得注意的是，新推出的皮下注射剂型Keytruda Qlex在第四季度于美国市场实现销 售额3500万美元。 受收购Cidara Therapeutics产生的一次性费用影响，2026年调整后每股收益中包含约3.65美元的收购相关支出，导致其较2025年的8.98美元显著下 降。若剔除该短期并购影响，公司核心业务仍预计保持增长态势。 | $ in millions, exce ...

Merck (MRK) reported $16.4 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 5%. EPS of $2.04 for the same period compares to $1.72 a year ago.The reported revenue represents a surprise of +1.33% over the Zacks Consensus Estimate of $16.19 billion. With the consensus EPS estimate being $2.03, the EPS surprise was +0.62%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Core Viewpoint - Merck reported strong fourth-quarter earnings driven by demand for its cancer immunotherapy Keytruda, but provided a modest 2026 outlook that fell short of Wall Street expectations due to upcoming patent expirations and generic competition [1][2]. Financial Performance - For the fourth quarter, Merck posted net income of $2.96 billion, or $1.19 per share, compared to $3.74 billion, or $1.48 per share, in the same period last year [4]. - Adjusted earnings for the fourth quarter were $2.04 per share, slightly above the expected $2.01 per share [6]. - Revenue for the quarter was $16.4 billion, a 5% increase from the previous year, and exceeded expectations of $16.19 billion [5][6]. 2026 Outlook - Merck anticipates 2026 revenue between $65.5 billion and $67 billion, lower than analysts' expectations of $67.6 billion [2]. - The company expects adjusted earnings per share to be between $5 and $5.15, compared to the analyst estimate of $5.36 [2]. Acquisition and Charges - The 2026 guidance includes a one-time charge of approximately $9 billion, or around $3.65 per share, related to the acquisition of Cidara, which is developing a flu prevention drug [3]. Cost Management - Merck is implementing a cost-cutting plan aimed at reducing expenses by $3 billion by the end of 2027 to offset revenue losses from the upcoming patent expiration of Keytruda in 2028 [5]. Drug Pricing Deal - Under a "most favored nation" deal, Merck will sell existing treatments to Medicaid patients at the lowest price offered in other developed nations and will receive a three-year reprieve from tariffs [4].

Core Viewpoint - Merck (MRK) is expected to report quarterly earnings of $2.04 per share, an 18.6% increase year-over-year, with revenues projected at $16.19 billion, reflecting a 3.6% increase compared to the same period last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised downward by 85.2%, indicating a significant reassessment by analysts [2]. - Revisions to earnings estimates are crucial for predicting investor actions, as empirical research shows a strong correlation between earnings estimate trends and short-term stock performance [3]. Key Metrics Projections - Analysts estimate 'Sales- Vaccines- Vaxneuvance' at $178.52 million, a 10.9% increase year-over-year [5]. - 'Sales- Oncology- Keytruda' is projected to reach $8.31 billion, reflecting a 6.1% increase from the previous year [5]. - 'Sales- Oncology- Alliance revenue- Lenvima' is expected to be $243.71 million, indicating a 4.4% decrease year-over-year [5]. Additional Sales Estimates - 'Sales- Vaccines- Gardasil' is projected at $1.04 billion, showing a significant decline of 32.9% year-over-year [6]. - 'Sales- Hospital Acute Care- Bridion - U.S.' is expected to reach $418.39 million, a 9.5% increase year-over-year [6]. - 'Sales- Oncology- Keytruda - International' is estimated at $3.39 billion, reflecting a 13.3% increase year-over-year [6]. Further Sales Insights - 'Sales- Diabetes- Janumet - U.S.' is forecasted at $69.57 million, a decrease of 23.6% year-over-year [7]. - 'Sales- Oncology- Alliance revenue- Lynparza - U.S.' is expected to be $176.62 million, showing a slight decrease of 0.2% [7]. - 'Sales- Oncology- Alliance revenue- Lynparza - International' is projected at $211.75 million, indicating a 13.2% increase year-over-year [8]. Market Performance - Merck shares have recorded a return of +1.6% over the past month, outperforming the Zacks S&P 500 composite's +0.8% change [9]. - Based on its Zacks Rank 4 (Sell), Merck is expected to underperform the overall market in the upcoming period [10].

Core Insights - Merck reported revenue of $17.28 billion for the quarter ended September 2025, reflecting a 3.7% increase year-over-year and a surprise of +1.24% over the Zacks Consensus Estimate of $17.06 billion [1] - Earnings per share (EPS) for the quarter was $2.58, compared to $1.57 in the same quarter last year, resulting in a surprise of +9.32% over the consensus estimate of $2.36 [1] Financial Performance - Hospital Acute Care sales for Bridion in the U.S. reached $392 million, exceeding the estimated $379.07 million, marking a +15.6% change year-over-year [4] - Oncology sales for Keytruda internationally were $3.26 billion, slightly below the estimated $3.33 billion, with a year-over-year increase of +11.4% [4] - Sales for Diabetes drug Janumet in the U.S. were $78 million, significantly surpassing the estimated $42.82 million, representing a +420% change year-over-year [4] - Alliance revenue for Lynparza in the U.S. was $184 million, exceeding the estimated $156.52 million, with a +14.3% year-over-year change [4] - Animal health sales totaled $1.62 billion, above the estimated $1.56 billion, reflecting an +8.6% change year-over-year [4] - Cardiovascular sales for Winrevair were $360 million, below the estimated $426.29 million [4] - Oncology sales for Keytruda were $8.14 billion, slightly below the estimated $8.4 billion, with a +9.6% year-over-year change [4] - Sales for Virology drug Lagevrio were $138 million, below the estimated $144.08 million, representing a -64% year-over-year change [4] - Sales for Gardasil vaccines were $1.75 billion, matching the average estimate, but reflecting a -24.2% year-over-year change [4] - Alliance revenue for Lenvima was $258 million, exceeding the estimated $242.44 million, with a +2.8% year-over-year change [4] Stock Performance - Merck's shares have returned -3.9% over the past month, contrasting with the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Merck reported revenue of $15.53 billion for Q1 2025, a decrease of 1.6% year-over-year, with an EPS of $2.22, up from $2.07 in the same quarter last year, exceeding both revenue and EPS consensus estimates [1][2] Financial Performance - Revenue of $15.53 billion compared to Zacks Consensus Estimate of $15.39 billion, resulting in a surprise of +0.93% [1] - EPS of $2.22 compared to consensus estimate of $2.15, leading to an EPS surprise of +3.26% [1] Key Metrics - Merck's stock has returned -10.6% over the past month, underperforming the Zacks S&P 500 composite's -5.1% change [3] - Current Zacks Rank for Merck is 3 (Hold), indicating potential performance in line with the broader market [3] Oncology Sales - Keytruda U.S. sales were $4.31 billion, below the average estimate of $4.47 billion, but up 4.6% year-over-year [4] - Keytruda International sales were $2.90 billion, compared to the $3.08 billion estimate, reflecting a 2.4% year-over-year increase [4] - Lynparza U.S. sales reached $145 million, exceeding the $121.96 million estimate, with a year-over-year increase of 7.4% [4] - Lynparza International sales were $168 million, below the $178.66 million estimate, but up 7% year-over-year [4] - Total Keytruda sales amounted to $7.21 billion, compared to the $7.55 billion estimate, marking a 3.7% year-over-year increase [4] Other Product Sales - Zerbaxa sales in Hospital Acute Care were $70 million, surpassing the $63.07 million estimate, with a 25% year-over-year increase [4] - Animal health sales were $1.59 billion, slightly below the $1.61 billion estimate, but up 5.1% year-over-year [4] - Prevymis sales were $208 million, exceeding the $190.69 million estimate, with a significant year-over-year increase of 19.5% [4] - Reblozyl sales reached $119 million, above the $101.77 million estimate, reflecting a substantial year-over-year increase of 67.6% [4]