Wall Street expects Merck & Co. to report first-quarter 2026 revenue of approximately $15.90 billion and a consensus EPS loss of $1.51, while the stock currently trades around $111.06, significantly below the $131.56 average analyst target.
Investors are laser-focused on the performance of the Keytruda oncology franchise, particularly the commercial uptake of its new subcutaneous formulation, Keytruda Qlex, and total sales projected at $7.73 billion.
Analysts are also monitoring for signs of stabilization in Gardasil vaccine demand following recent volume declines in China and Japan. The projected quarterly loss primarily reflects high research and development costs and the financial impact of recent strategic acquisitions, including the $5.7 billion purchase of Terns Pharmaceuticals.