Jun 2026 (Q2 FY26) — Aug 4, 2026
Merck Q2 FY26 — Strong Oncology and New Launch Performance, Accelerated Pipeline Derisking
Read the full callMerck (MRK) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Merck earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 16,607 | +5.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -1,335 | −130.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| KEYTRUDA US wholesaler timing benefit | expected to positively impact sales by roughly $250 million in the third quarter | Mar 2025 | Additionally, as a reminder, we benefited by approximately $250 million due to the timing of wholesaler purchases in the third quarter of 2025, which will not repeat this year. | Achieved |
| Full-year effective tax rate | between 23.5% and 24.5% | Dec 2025 | We now expect a full year tax rate between 35% and 36%, which reflects the nontax deductible onetime charge for Terns. | Revised Down |
| De-risking of the $70 billion new-product opportunity | derisk substantially all of that by the time we get to the end of 2027 | Dec 2025 | Since then, we've made meaningful advancements against that objective, including several important proof points that have occurred over than expected. | On Track |
1 of Merck & Co., Inc.'s 52 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 49 more targets are in the full ledger.
Claimed
- Total company revenues were $16.6 billion, an increase of 5% (4% excluding FX).
- KEYTRUDA family sales increased 4% to $8.4 billion, driven by earlier-stage cancers and metastatic indications.
- WELIREG sales increased 67% to $271 million, with continued uptake from international launches and new approvals.
- WINREVAIR global sales increased 75% to $588 million, reflecting strong demand in pulmonary arterial hypertension.
- FDA approved LIPFENDRA, the first oral PCSK9 inhibitor, with up to 60% LDL reduction.
- Positive Phase III top-line results for sac-TMT in advanced or recurrent endometrial cancer, and for tulisokibart in ulcerative colitis.
Qualified
- Gross margin decreased 1.1 percentage points to 81.1%, primarily due to higher inventory reserves.
- Operating expenses included a $5.7 billion charge for the acquisition of Terns Pharmaceuticals.
- Tax rate was 160.3% due to the non-tax deductible one-time charge for Terns.
- Q3 OHTUVAYRE sales are expected to be impacted by the unwind of specialty pharmacy purchases in Q2.
- Total U.S. KEYTRUDA year-over-year growth is anticipated to moderate due to increasing peak penetration in several key indications.
- A $250 million benefit from Q3 2025 wholesaler purchases will not repeat this year.
Price
$143.63 −1.59% · −$2.32
Performance +69.4% 1Y
1Y: $84.79 on 17 Oct 2025 → $143.63. High $156.45 (25 Aug 2026), low $82.49 (3 Nov 2025).
- Previous close
- $145.95
- 52-week range
- $82.49 – $156.45
- One year
- +66.39%
Overview
- Symbol
- MRK
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| KEYTRUDA US wholesaler timing benefit | expected to positively impact sales by roughly $250 million in the third quarter | Mar 2025 | Additionally, as a reminder, we benefited by approximately $250 million due to the timing of wholesaler purchases in the third quarter of 2025, which will not repeat this year. | Achieved |
| Full-year effective tax rate | between 23.5% and 24.5% | Dec 2025 | We now expect a full year tax rate between 35% and 36%, which reflects the nontax deductible onetime charge for Terns. | Revised Down |
| De-risking of the $70 billion new-product opportunity | derisk substantially all of that by the time we get to the end of 2027 | Dec 2025 | Since then, we've made meaningful advancements against that objective, including several important proof points that have occurred over than expected. | On Track |
Claimed
- Total company revenues were $16.6 billion, an increase of 5% (4% excluding FX).
- KEYTRUDA family sales increased 4% to $8.4 billion, driven by earlier-stage cancers and metastatic indications.
- WELIREG sales increased 67% to $271 million, with continued uptake from international launches and new approvals.
- WINREVAIR global sales increased 75% to $588 million, reflecting strong demand in pulmonary arterial hypertension.
- FDA approved LIPFENDRA, the first oral PCSK9 inhibitor, with up to 60% LDL reduction.
- Positive Phase III top-line results for sac-TMT in advanced or recurrent endometrial cancer, and for tulisokibart in ulcerative colitis.
Qualified
- Gross margin decreased 1.1 percentage points to 81.1%, primarily due to higher inventory reserves.
- Operating expenses included a $5.7 billion charge for the acquisition of Terns Pharmaceuticals.
- Tax rate was 160.3% due to the non-tax deductible one-time charge for Terns.
- Q3 OHTUVAYRE sales are expected to be impacted by the unwind of specialty pharmacy purchases in Q2.
- Total U.S. KEYTRUDA year-over-year growth is anticipated to moderate due to increasing peak penetration in several key indications.
- A $250 million benefit from Q3 2025 wholesaler purchases will not repeat this year.
The full ledger
Open Merck & Co., Inc.’s full ledger
A free account opens 5 company ledgers a month. All 52 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Merck & Co., Inc. Q1 FY26 — Strong Oncology & Pipeline Progress
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Merck & Co., Inc. Q4 FY25 — Strong Pipeline Momentum and New Product Contributions Drive Growth
Read the full callEvery analysed call
Merck earnings calls (MRK)
Financials
What the filings say
Net profit, year on year: −130% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 16,657 | 15,624 | 15,529 | 15,806 | 17,276 | 16,400 | 16,286 | 16,607 |
| Interest | 330 | 328 | 313 | 305 | 327 | 412 | 479 | 525 |
| Profit before tax | 4,090 | 4,170 | 5,903 | 4,999 | 6,745 | 3,420 | -3,534 | -683 |
| Tax rate | 22.7% | 10.2% | 13.9% | 11.4% | 14.2% | 13.4% | −20.1% | −95.8% |
| Net profit | 3,157 | 3,743 | 5,079 | 4,427 | 5,785 | 2,963 | -4,240 | -1,335 |
| EPS ($ per share) | 1.25 | — | 2.01 | 1.76 | 2.32 | — | -1.72 | -0.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,788 | 1,788 | 1,788 | 1,788 | 1,788 | 1,788 | 1,788 | 1,788 |
| Reserves | 42,579 | 46,602 | 47,362 | 53,696 | 61,081 | 53,895 | 63,069 | 73,075 |
| Total liabilities | 55,755 | 58,396 | 66,184 | 67,437 | 63,102 | 69,040 | 70,734 | 84,204 |
| Fixed assets | 13,291 | 14,297 | 17,000 | 19,279 | 21,422 | 23,051 | 23,779 | 25,316 |
| Investments | 899 | 774 | 0 | 0 | 498 | 252 | 447 | 0 |
| Total assets | 82,637 | 84,397 | 91,588 | 105,694 | 109,160 | 106,675 | 117,106 | 136,866 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 10,922 | 13,440 | 10,253 | 13,122 | 19,095 | 13,006 | 21,468 | 16,472 |
| Cash from investing | 4,314 | -2,629 | -9,443 | — | -4,960 | -14,083 | -7,734 | -13,741 |
| Cash from financing | -13,160 | -8,861 | -2,832 | — | -9,119 | -4,810 | -7,032 | -1,922 |
| Net cash flow | 1,871 | 1,967 | -1,769 | 14 | 4,606 | -5,864 | 6,409 | 1,372 |
| Capital expenditure | -2,615 | -3,369 | -4,429 | -4,448 | -4,388 | -3,863 | -3,372 | -4,112 |
| Free cash flow | 8,307 | 10,071 | 5,824 | 8,674 | 14,707 | 9,143 | 18,096 | 12,360 |
MRK revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pharmaceuticalsegment | 90% | 90% | 88% | 89% | 90% | 91% | 88% | 89% | +5.1% |
| Animal Healthsegment | 9% | 9% | 10% | 10% | 9% | 9% | 11% | 11% | +7.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MRK operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Patients WINREVAIR - US | ~1,500Approximately 1,500 new patients in the US received a prescription, bringing the total number of new patients prescribed to approximately 5,200 since launch.Source: earnings call transcript | 1,400+In the US, more than 1,400 new patients received a prescription during the quarter.Source: earnings call transcript | ~1,500In the US, approximately 1,500 new patients received a prescription and over 24,000 total prescriptions were dispensed in the quarter, a testament to the continued strong demand for this important treatment option.Source: earnings call transcript | 1,500+In the US, more than 1,500 new patients received a prescription and over 27,000 total prescriptions were dispensed.Source: earnings call transcript | 1,600+In the US, we continued to see steady progress with more than 1,600 new patients having received a prescription and an increase in usage by patients with background therapies do not include a prostacyclin.Source: earnings call transcript | — |
| Prescriptions filled WINREVAIR - US | — | — | 24K+In the US, approximately 1,500 new patients received a prescription and over 24,000 total prescriptions were dispensed in the quarter, a testament to the continued strong demand for this important treatment option.Source: earnings call transcript | 27K+In the US, more than 1,500 new patients received a prescription and over 27,000 total prescriptions were dispensed.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 56% ↑ 4 pt
- EMEA 24% ↑ 2 pt
- Latin America 5%
- Asia Pacific 5%
- Other Countries 4%
- JP 3% ↓ 2 pt
- CN 2% ↓ 4 pt
As MRK cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
91 filings between Nov 3, 2025 and Aug 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$72.01M
35 sales by 11 insiders
Compensation
not trading decisions- 11
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 15
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Zachary Jennifer | — | $25.20M | Aug 12, 2026 |
| DeLuca Richard R. | — | $11.29M | Aug 12, 2026 |
| Guindo Chirfi | — | $8.15M | Aug 13, 2026 |
| Williams David Michael | — | $8.13M | Aug 5, 2026 |
| Davis Robert M | — | $5.60M | Feb 4, 2026 |
| Litchfield Caroline | — | $5.02M | Feb 4, 2026 |
| Li Dean Y | — | $2.99M | Feb 10, 2026 |
| Maraldo David R. | — | $2.41M | Aug 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 13, 2026 | Guindo Chirfi EVP, Access, Policy & Comms | Sale | 10,000 | $1.35M |
| Aug 12, 2026 | Zachary Jennifer EVP, General Counsel | Sale | 80,315 | $10.72M |
| Aug 12, 2026 | Zachary Jennifer EVP, General Counsel | Option exercise | 13,433 | $1.14M |
| Aug 12, 2026 | Zachary Jennifer EVP, General Counsel | Option exercise | 41,494 | $4.89M |
| Aug 12, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 600 | $79.2K |
| Aug 12, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 11,099 | $1.46M |
| Aug 11, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 5,427 | $718.3K |
| Aug 11, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 7,410 | $973.2K |
| Aug 10, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 20,784 | $2.71M |
| Aug 6, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 805 | $105.5K |
| Aug 6, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 300 | $39.3K |
| Aug 6, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Sale | 4,945 | $644.0K |
| Aug 6, 2026 | Guindo Chirfi EVP, Access, Policy & Comms | Sale | 15,000 | $1.97M |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Sale | 4,600 | $592.3K |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Option exercise | 34,705 | $2.56M |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Option exercise | 4,600 | $357.1K |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Option exercise | 2,686 | $227.5K |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Sale | 6,311 | $812.3K |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Option exercise | 6,311 | $465.3K |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Sale | 9,709 | $1.25M |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Sale | 2,686 | $345.7K |
| Aug 5, 2026 | Maraldo David R. EVP & Pres. MMD | Option exercise | 9,709 | $845.7K |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Option exercise | 13,542 | $1.02M |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Sale | 13,542 | $1.74M |
| Aug 5, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Sale | 34,705 | $4.47M |
| May 2, 2026 | Maraldo David R. EVP & Pres. MMD | Tax withheld | 159 | $17.8K |
| May 2, 2026 | Smart Dalton SVP Fin. - Global Controller | Tax withheld | 132 | $14.8K |
| May 2, 2026 | Maraldo David R. EVP & Pres. MMD | Option exercise | 552 | $61.9K |
| May 2, 2026 | Smart Dalton SVP Fin. - Global Controller | Option exercise | 383 | $43.0K |
| Apr 30, 2026 | Smart Dalton SVP Fin. - Global Controller | Option exercise | 464 | $51.5K |
| Apr 30, 2026 | Larson Betty D EVP, Chief HR Officer | Option exercise | 11,350 | $1.26M |
| Apr 30, 2026 | Larson Betty D EVP, Chief HR Officer | Tax withheld | 5,143 | $570.6K |
| Apr 30, 2026 | Smart Dalton SVP Fin. - Global Controller | Tax withheld | 159 | $17.6K |
| Apr 29, 2026 | DeLuca Richard R. EVP&Pres, Merck Animal Heallth | Option exercise | 2,518 | $277.1K |
| Apr 29, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Tax withheld | 679 | $74.7K |
| Apr 29, 2026 | Williams David Michael EVP,Chief Info&Digital Officer | Option exercise | 1,377 | $151.5K |
| Apr 29, 2026 | Li Dean Y Executive VP & President, MRL | Tax withheld | 2,326 | $255.9K |
| Apr 29, 2026 | Li Dean Y Executive VP & President, MRL | Option exercise | 4,722 | $519.6K |
| Apr 29, 2026 | Zachary Jennifer EVP, General Counsel | Tax withheld | 1,454 | $160.0K |
| Apr 29, 2026 | Zachary Jennifer EVP, General Counsel | Option exercise | 2,951 | $324.7K |
| Apr 29, 2026 | Larson Betty D EVP, Chief HR Officer | Tax withheld | 715 | $78.7K |
| Apr 29, 2026 | Larson Betty D EVP, Chief HR Officer | Option exercise | 2,085 | $229.4K |
| Apr 29, 2026 | Litchfield Caroline EVP & CFO | Tax withheld | 1,938 | $213.2K |
| Apr 29, 2026 | Litchfield Caroline EVP & CFO | Option exercise | 3,935 | $433.0K |
| Apr 29, 2026 | Davis Robert M Chairman, CEO & President | Tax withheld | 6,551 | $720.8K |
| Apr 29, 2026 | Smart Dalton SVP Fin. - Global Controller | Option exercise | 944 | $103.9K |
| Apr 29, 2026 | Davis Robert M Chairman, CEO & President | Option exercise | 13,300 | $1.46M |
| Apr 29, 2026 | Oosthuizen Johannes Jacobus EVP, Oncology & Int?l | Tax withheld | 679 | $74.7K |
| Apr 29, 2026 | Oosthuizen Johannes Jacobus EVP, Oncology & Int?l | Option exercise | 1,377 | $151.5K |
| Apr 29, 2026 | Smart Dalton SVP Fin. - Global Controller | Tax withheld | 324 | $35.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Merck & Co., Inc.
Free account. Everything above stays public.
Write why you follow Merck & Co., Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Health Care
Nearest to Merck by market cap among the sector's top 20 companies at Q2 2026.