Merck's second quarter revenue of $16.6B beat estimates, driven by strong Keytruda sales and an upgraded FY2026 outlook.

Merck reported second quarter 2026 revenue of $16.6 billion, a 5% year-over-year increase that surpassed analyst expectations. The company posted a non-GAAP loss per share of $0.13, which was better than consensus estimates for a larger loss, primarily due to a significant charge related to its acquisition of Terns Pharmaceuticals.

Key Highlights

• Combined sales for KEYTRUDA and its subcutaneous version, KEYTRUDA QLEX, grew 5% to $8.4 billion, exceeding expectations, with QLEX contributing $463 million.
• New product launches showed strong momentum, with WINREVAIR sales reaching $588 million, a 75% increase from the prior year.
• The company raised its full-year 2026 sales guidance to a range of $66.3 billion to $67.3 billion, up from $65.8 billion to $67.0 billion previously.
• A non-GAAP loss per share of $0.13 was reported, which includes a charge of $2.31 per share for the Terns acquisition.