TLDR
- Merck (MRK) Shares Advance 3.84% Following Third-Quarter Revenue of $18.1 Billion
- KEYTRUDA Generates $8.6 Billion While WINREVAIR Sales Nearly Double Year-Over-Year
- Pharmaceutical Company Raises 2026 Revenue Forecast to $66.8B–$67.3B Range
- Third-Quarter Results Show 5% Top-Line Growth Despite Lower Quarterly Earnings Per Share
- Merck Presents Pivotal Oncology Data and Strengthens Development Pipeline in 2026
Shares of Merck & Co. (NYSE: MRK) increased 3.84% to $146.34 on October 29, adding $5.41 during regular market hours. The pharmaceutical manufacturer posted third-quarter 2026 revenue of $18.1 billion, reflecting a 5% year-over-year increase. MRK stock extended its gains by 0.74% to $147.42 in after-hours activity as investors responded positively to the company’s financial performance and strengthened guidance.
Third-Quarter Performance Delivers $18.1 Billion in Worldwide Sales
Merck reported worldwide sales of $18.085 billion for the third quarter, compared with $17.276 billion in the same period of 2025. Currency fluctuations negatively impacted reported figures, with revenue climbing 4% when currency impacts were excluded. Approximately $550 million in pharmaceutical revenue growth stemmed from favorable purchasing timing during the quarter.
The company’s pharmaceutical segment produced $16.268 billion in sales, representing a 4% year-over-year improvement. Key growth drivers included KEYTRUDA, WINREVAIR, GARDASIL, WELIREG, ENFLONSIA and newly added OHTUVAYRE revenue. These positive contributions were partially counterbalanced by sales declines in JANUVIA, JANUMET, BRIDION and LAGEVRIO.
The company posted GAAP earnings of $2.04 per share, representing a 12% decline from $2.32 in the prior-year quarter. Non-GAAP adjusted earnings per share decreased 3% to $2.49 from $2.58 in the comparable 2025 period. Both metrics reflected a $0.12-per-share charge related to a global licensing agreement with SciBrunch Therapeutics.
Oncology and Cardiovascular Products Lead Revenue Expansion
Combined sales from KEYTRUDA and KEYTRUDA QLEX reached $8.601 billion, representing a 6% year-over-year gain. Growth was driven by increased utilization in earlier-stage treatment settings, including triple-negative breast cancer, cervical cancer, head and neck cancer, and bladder cancer. Metastatic disease indications such as urothelial cancer also contributed to demand, with KEYTRUDA QLEX accounting for $830 million in sales.
WINREVAIR delivered sales of $694 million, nearly doubling from $360 million in the third quarter of 2025 with 93% growth. Increased adoption and favorable purchasing dynamics in the United States, coupled with new market launches in Europe and Japan, fueled the cardiovascular product’s expansion.
GARDASIL and GARDASIL 9 vaccines generated $1.995 billion in sales, up 14%, supported by higher US demand and advantageous public-sector purchasing timing. Sales of PROQUAD, M-M-R II and VARIVAX climbed 7% to $730 million on increased demand in certain European countries. Conversely, JANUVIA and JANUMET revenue fell 39% to $380 million as generic competition intensified following the loss of US patent protection.
Clinical Progress and Improved Annual Guidance Signal Confidence
The pharmaceutical company showcased pivotal Phase 3 oncology data at the 2026 European Society for Medical Oncology Congress, demonstrating advancement across multiple development programs. Results from the TroFuse-005 trial examining sacituzumab tirumotecan in specific advanced or recurrent endometrial cancer patients were highlighted. The US Food and Drug Administration granted priority review status to the associated biologics license application.
Additional Phase 3 data from the INTerpath-001 study were presented, evaluating intismeran autogene combined with KEYTRUDA as adjuvant therapy for resected stage IIB-IV melanoma. This program represents collaboration with Moderna in exploring therapeutic cancer vaccine approaches. The company also shared positive Phase 2b outcomes for tulisokibart in moderate-to-severe hidradenitis suppurativa and one-year BRUNELLO trial data for remigromig in diabetic macular edema patients.
Merck increased the midpoint of its full-year 2026 worldwide sales projection and tightened the range to $66.8 billion–$67.3 billion. The company also narrowed its non-GAAP earnings-per-share guidance to $2.77–$2.82, incorporating the $0.12 SciBrunch-related charge. The revised projections reflect sustained commercial performance from both established franchises and recently launched products, along with progress across its clinical development portfolio.
The third-quarter financial results demonstrated solid revenue growth and exceptional WINREVAIR performance, though earnings per share declined compared with the prior year. Merck’s improved annual sales guidance and advancing clinical initiatives provided additional context for the October 29 share-price appreciation.
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