Merck & Co. stock lifts outlook as Q3 sales reach USD 18.1 billion
Published on 11/02/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSSales Growth And Pipeline Progress
- Merck expanded KEYTRUDA and WINREVAIR sales while Animal Health also grew.
- The 2026 outlook includes a higher earnings range and a narrower sales range.
- Management highlighted late-stage oncology milestones as support for its longer-term portfolio strategy.
Merck & Co. reported third-quarter 2026 results on Thursday, October 29, with sales growth in oncology, animal health and newer products. Total worldwide sales reached USD 18.085 billion, up 5 percent from the year-earlier quarter, while non-GAAP earnings per share came in at USD 2.49, compared with USD 2.58 a year earlier. The company's October 29 release also reported GAAP earnings per share of USD 2.04, down from USD 2.32.
Keytruda Leads The Portfolio
KEYTRUDA and KEYTRUDA QLEX generated USD 8.601 billion, an increase of 6 percent. The newer subcutaneous formulation KEYTRUDA QLEX contributed USD 830 million. Merck attributed the franchise's expansion primarily to uptake in earlier-stage cancer indications and continued demand in metastatic disease.
WINREVAIR sales rose 93 percent to USD 694 million, supported by demand in the United States and launch uptake in international markets. GARDASIL and GARDASIL 9 sales advanced 14 percent to USD 1.995 billion, while Animal Health sales increased 4 percent to USD 1.676 billion. Merck said quarterly growth benefited from purchase timing of approximately USD 550 million, a factor it expects to unwind across the fourth quarter and 2027 in different parts of the portfolio.
Higher Full-Year Earnings Outlook
Merck raised the lower end of its 2026 sales forecast to USD 66.8 billion from USD 66.3 billion, while leaving the upper end at USD 67.3 billion. The company now expects non-GAAP earnings per share of USD 2.77 to USD 2.82, compared with the previous range of USD 2.66 to USD 2.76.
The updated earnings range includes a USD 0.12 per-share charge tied to the SciBrunch license agreement. It also includes one-time charges related to the Cidara and Terns acquisitions. Merck expects a full-year non-GAAP tax rate of 32 to 33 percent, below its previous 35 to 36 percent assumption, and sees a positive foreign-exchange effect of approximately USD 0.15 per share.
Pipeline Adds Longer-Term Support
Management pointed to late-stage oncology progress presented at the October ESMO Congress. Merck said the TroFuse-005 trial of sacituzumab tirumotecan supported a U.S. Food and Drug Administration priority review, with a PDUFA date set for June 15, 2027. The company also highlighted positive Phase 3 results for an investigational therapeutic cancer vaccine developed with Moderna and new approvals or filings across oncology, vaccines and respiratory medicine.
The portfolio remains exposed to competition and patent timing. Merck expects KEYTRUDA growth to moderate as some indications approach peak revenue, while generic competition and patent expirations are expected to weigh on older products. That makes the execution of newer launches and clinical programs central to the longer-term investment case.
Merck & Co. stock traded at 133.13 euros on Lang & Schwarz at 11:35 CET on Monday, November 2, 2026, 0.89 percent below the Xetra close of Friday, October 30. Investors can follow the real-time quote of Merck & Co. stock.
Merck & Co. stock at a glance
- Company: Merck & Co., Inc.
- ISIN: US58933Y1055
- NYSE ticker: MRK
- Xetra ticker: 6MK.DE
- Lang & Schwarz quote: EUR 133.13 at 11:35 CET on November 2, 2026
- Change versus Xetra close: 0.89 percent below EUR 134.32 on October 30, 2026
The Euro Stoxx 50 provides the broader market backdrop for this US-listed pharmaceutical company.
