Merck earnings date and guidance
Merck's next results are expected on October 29, 2026. Merck's underlying launch trend is the key thing to watch.
What has Merck guided for the year?
Management’s August 4 outlook calls for sales of $66,300–$67,300 million and non-GAAP earnings per share, or adjusted profit per share, of $2.66–$2.76. Merck still includes major charges for acquired research assets in that adjusted result, so buying future medicines can hurt earnings before those medicines produce sales.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Sales | Full Year 2026 | 66,300 | 67,300 | Aug 4, 2026 |
| Non-GAAP EPS | Full Year 2026 | 2.66 | 2.76 | Aug 4, 2026 |
| Outlook Includes Charges per Share for the Acquisition of Terns | Full Year 2026 | 2.43 | 2.43 | Aug 4, 2026 |
Has Merck kept its past promises?
Merck delivered 2025 revenue within its public forecast range, but its internal bonus targets used a different yardstick and were missed. Manufacturing and organizational savings promised for the end of 2027 remain unfinished. The fairest conclusion is that Merck has meaningful mechanisms for alignment, but managers still need to prove that scientific milestones become successful launches, cost reductions protect supply, and shareholder returns improve.
How have Merck's revenue and profit trended?
Q2 2026 showed resilient sales and better cash flow, but weaker margin quality beneath the acquisition-driven loss. Revenue grew about 5.1% year over year, and Merck reported about 4% growth excluding currency.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16,607 | 16,286 | 16,400 | 17,276 | 15,806 | 15,529 | 15,624 | 16,657 |
| Gross margin | 73.5% | 74.2% | 66.2% | 77.7% | 77.5% | 78.0% | 75.5% | 75.5% |
| Operating income | -584 | -3,396 | 3,852 | 6,507 | 4,992 | 5,868 | 4,296 | 3,928 |
| Net income | -1,335 | -4,240 | 2,963 | 5,785 | 4,427 | 5,079 | 3,743 | 3,157 |
| EPS, diluted | -0.54 | -1.72 | 1.19 | 2.32 | 1.76 | 2.01 | 1.48 | 1.24 |
| = Free cash flow | 4,477 | 2,927 | 1,824 | 6,835 | 2,529 | 1,172 | 2,513 | 8,508 |
What should investors watch in Merck's next results?
October 29’s third-quarter results should clarify SciBrunch’s full-year effect and the underlying launch trend. OHTUVAYRE is especially important because an inventory unwind could weaken shipments without weakening patient use. KEYTRUDA QLEX adoption will show whether easier administration leads to repeat treatment and reimbursement.