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Visual31 Oct 2025
Three decades of Rolls-Royce
Merck & Co (MRK) investor relations material
Merck & Co Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 worldwide sales reached $17.3B, up 4% year-over-year, driven by oncology, animal health, and new product launches.
Advanced approximately 80 Phase III trials, with significant regulatory milestones including FDA approvals for KEYTRUDA QLEX and WINREVAIR.
Completed the strategic acquisition of Verona Pharma, adding Ohtuvayre/Otovare for COPD and expanding the respiratory portfolio.
GAAP net income rose 83% to $5.8B; non-GAAP net income increased 62% to $6.4B.
Continued disciplined investments in R&D and manufacturing, including a $70B+ plan for expanded domestic operations.
Financial highlights
Q3 total revenue reached $17.3B, up 4% year-over-year (3% ex-FX).
KEYTRUDA sales grew 10% to $8.1B; WINREVAIR sales surged 141% to $360M.
GARDASIL sales declined 24–25% to $1.7B, mainly due to lower demand in China and Japan.
Animal Health sales increased 9% to $1.6B, led by livestock products; companion animal sales down 3%.
Non-GAAP gross margin was 81.9%, up from 80.5%; GAAP gross margin was 77.7%.
Outlook and guidance
FY2025 revenue guidance: $64.5B–$65.0B, with 1–2% growth ex-FX and a 0.5% negative FX impact.
FY2025 non-GAAP EPS guidance: $8.93–$8.98, including a $0.15 negative FX impact and one-time charges.
Operating expense growth expected to accelerate in 2026 to support pipeline and launches.
Non-GAAP effective tax rate expected between 14.0% and 15.0%.
Guidance reflects Verona Pharma acquisition and a net $0.05 benefit from a restructured Koselugo agreement.
What drove the 24% GARDASIL sales decline?
How will $70B R&D/manufacturing investment impact future growth?
What is the market potential for oral PCSK9 inhibitor Enlicitide?
BD strategy: What deal types and size focus?
Key new launches driving 2026 revenue growth?
Policy impact on US vs ex-US revenue mix?
Merck's stance on large, synergy-driven M&A?
MK3000's commercial potential and strategy?
Keytruda QLEX adoption pace and J-code impact?
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Next Merck & Co earnings date
Status Update12 Nov, 2025
Next Merck & Co earnings date
Status Update12 Nov, 2025
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Frequently asked questions
Over 130 Years of Experience in Healthcare
Merck & Co., commonly known as Merck, is a global pharmaceutical company that specializes in the development and manufacturing of prescription drugs, vaccines, biological therapies, and animal health products. With a storied history dating back over a century, Merck has established itself as a leading player in the healthcare industry. The company's portfolio of products spans various therapeutic areas, including cardiovascular, oncology, infectious diseases, and more.
In business for over a century
Since its establishment in 1891, Merck has played a significant role in advancing medical research and innovation and has a long history of notable contributions to healthcare. They have developed antibiotics like streptomycin, vaccines for diseases such as mumps and HPV, and antiretroviral therapies for HIV/AIDS treatment. Their advancements in cardiovascular medications and statins have significantly impacted heart disease management.
The company today
Today the company focuses on the development, manufacturing, and distribution of a diverse range of prescription drugs, vaccines, and biological therapies. With a commitment to scientific rigor, research, and providing products and medication that improve the lives of ill patients, Merck strives to address various health challenges and contribute to the well-being of individuals globally. Merck is far from being alone when it comes to publicly traded pharmaceutical companies, and some companies that operate in the same space include names such as Pfizer and Eli Lilly.
A diverse portfolio of medications
Merck & Co. develops and manufactures a wide range of medications. Their portfolio of products includes medications for cardiovascular diseases, such as hypertension and hyperlipidemia, as well as anticoagulants and antiplatelet agents. They also offer therapeutics for infectious diseases, including antibiotics, antifungals, and antiviral drugs. In oncology, Merck provides targeted therapies and immunotherapies for different types of cancer. Additionally, they offer medications for diabetes management, respiratory diseases, autoimmune disorders, and more. The company’s flagship medication is Keytruda, which enhances the body’s ability to fight certain types of cancers.
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