Merck Beats Q2 Earnings and Sales Estimates on Strong Oncology Growth

Merck's second-quarter earnings and sales beat estimates, according to the latest financial report. The company reported an adjusted loss of 13 cents per share for Q2 2026, which was narrower than the Zacks Consensus Estimate of a loss of 26 cents.

The year-over-year decline in earnings was largely due to a charge of $2.31 billion related to the acquisition of Terns Pharmaceuticals, which was completed during the period.

Merck's revenue for Q2 2026 increased 5% year over year on a reported basis and 4% excluding foreign exchange (Fx) to $16.61 billion, beating the Zacks Consensus Estimate of $16.33 billion.

The sales growth was driven by strong oncology sales and newer product launches, particularly Keytruda, which contributed $8.37 billion in revenue for Q2 2026. This represents a 4% increase from the same period last year and beat the Zacks Consensus Estimate of $8.06 billion.

Merck's other oncology drugs also showed growth, with Welireg sales surging 67% to $271 million and Alliance revenues from Eisai-partnered Lenvima increasing 6% to $283 million.