Merck Q3 2025 Earnings Preview (MRK)

Snack-Sized Version:

Merck (MRK) will report its Q3 2025 earnings on October 30. Analysts anticipate strong Keytruda sales. However, weak Gardasil demand in China and Japan may offset these gains. The Zacks Consensus Estimate projects $17.06 billion in sales and $2.36 in EPS. Merck expects to return to growth in the second half of 2025. Its oncology drugs and Animal Health segment will likely drive this performance. Investors can find the official results on Merck’s investor relations hub.

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Read the Full Meal:

Merck (MRK) will announce its Q3 2025 results on October 30 before market open. Investors are watching this report closely. It will test Merck’s forecast for a return to growth in the second half of 2025. The company has a strong history of beating estimates. However, analysts recently trimmed full-year 2025 earnings projections. The core tension is clear. Strong oncology sales, led by Keytruda, must offset significant weakness in its Gardasil vaccine franchise in China. This quarter highlights Merck’s dependence on Keytruda ahead of its 2028 patent cliff. Find the official data on Merck’s investor relations website.

Key Factors in Merck’s Q3 Results

• Growth drivers: Keytruda’s global uptake in early-stage cancers should boost oncology sales.
• New products: New drugs like Winrevair and Welireg are expected to contribute to revenue.
• Vaccine weakness: Gardasil sales face pressure from low demand and high inventory in China.
• Risks: Generic competition is likely hurting sales for the diabetes (Januvia) and hospital (Bridion) portfolios.

Quick links

• Official source: Q3 2025 results hub
• IR hub: Events & presentations · SEC filings
• Our coverage: Assess Merck S Current Valuation Amidst Research Shifts · Merck · Latest: Merck (MRK) Stock Gains on Q3 Beat, Oral Drug Trial

Why this can matter for MRK holders

• Keytruda dependency: Results show how much Merck relies on Keytruda to fund its future pipeline.
• Pipeline progress: Strong starts for new drugs (Winrevair, Capvaxive) are needed to diversify revenue.
• China exposure: The Gardasil slowdown in China highlights significant geographic and product concentration risks.

What to watch next

1. Earnings call: Listen for management’s 2025 outlook on the Oct 30 conference call.
2. Keytruda competition: Watch for updates on dual PD-1/VEGF inhibitors that may challenge Keytruda’s dominance.
3. Pipeline execution: Monitor the sales ramp-up for Ohtuvayre, acquired from Verona Pharma, in future reports.

Mini FAQ

What is Merck’s biggest drug?
Merck’s biggest drug is Keytruda, an oncology therapy that drives a majority of its revenue.

Why is Merck stock down in 2025?
The stock has underperformed due to concerns over Gardasil sales, generic erosion, and future Keytruda competition.

When does Keytruda lose patent protection?
Keytruda is expected to lose its patent exclusivity in 2028.