- Q3 2025 sales reached $17.3 billion, a 4% increase from 2024.
- KEYTRUDA sales grew 10% to $8.1 billion; GARDASIL sales fell 24% to $1.7 billion.
- FDA approved KEYTRUDA QLEX for subcutaneous use in all solid tumor indications.
- Merck completed acquisition of Verona Pharma and its COPD treatment OHTUVAYRE.
Financial Performance
In the third quarter of 2025, Merck reported total worldwide sales of $17.3 billion, marking a 4% increase from the same period in 2024. Excluding the impact of foreign exchange, sales grew by 3%. KEYTRUDA sales rose by 10% to $8.1 billion, while GARDASIL/GARDASIL 9 sales declined by 24% to $1.7 billion. Animal Health sales increased by 9% to $1.6 billion.
Earnings and Expenses
Merck's GAAP EPS for the quarter was $2.32, and Non-GAAP EPS was $2.58. Both figures include a $0.10 per share charge for a milestone payment to LaNova for technology transfer related to MK-2010. The company also reported GAAP net income of $5,785 million and Non-GAAP net income of $6,448 million.
Regulatory Approvals and Research
The FDA approved KEYTRUDA QLEX injection for subcutaneous use across all solid tumor indications. Merck presented new research at the ESMO Congress 2025, including positive survival data from KEYNOTE-905 and KEYNOTE-B96 studies.
Acquisitions and Trials
Merck completed the acquisition of Verona Pharma, adding the COPD maintenance treatment OHTUVAYRE to its portfolio. The company also announced positive topline results from the third Phase 3 CORALreef Lipids Trial of Enlicitide Decanoate for treating adults with hypercholesterolemia.
Outlook
For the full year 2025, Merck expects worldwide sales to be between $64.5 billion and $65.0 billion. The company has raised and narrowed its expected Non-GAAP EPS range to between $8.93 and $8.98.
