Merck & Company is expected to report Q2 2026 revenue of $16.33 billion and a consensus EPS loss of $0.26, while the current $130.20 share price sits below the $135.19 average analyst price target. Investors are primarily focused on Keytruda sales, which are projected to hit $8.06 billion, as the company scales its subcutaneous Qlex formulation to mitigate the upcoming 2028 patent cliff.
While revenue is set to grow 3.3% year-over-year, the anticipated earnings loss reflects heavy R&D charges from the strategic acquisitions of Cidara Therapeutics and Terns Pharmaceuticals. Investors are also watching the launch progress of Winrevair and the potential for a rebound in Gardasil volumes in the Chinese market.