Merck Posts Strong Q2 Results with Keytruda Fueling Growth

Merck reported its second-quarter results, beating Wall Street expectations on both revenue and earnings per share. The company's $16.6 billion in sales for the three months ended June 30 represented a 5% increase from a year earlier, or 4% excluding foreign exchange. This surpassed the consensus estimate of $16.36 billion.

The Keytruda franchise was a significant contributor to Merck's growth, with combined sales of $8.4 billion, representing a 4% increase on a constant-currency basis. Intravenous Keytruda generated $8.37 billion in sales, narrowly beating the consensus estimate, while subcutaneous Keytruda QLEX contributed an additional $463 million since the permanent J-code was established in April.

Merck also highlighted its newer products, including WINREVAIR, which posted $588 million in sales, a 75% increase year-over-year. The company raised and narrowed its full-year 2026 revenue guidance to a range of $66.3 billion to $67.3 billion, an increase from its previous forecast.